AIG nearing Nan Shan buyer choice – WSJ

* Board close to picking preferred bidder – report

* Five bidders circling Taiwan life business

NEW YORK, Dec 22 (BestGrowthStock) – Bailed-out insurer American
International Group Inc (AIG.N: ) is close to picking a preferred
bidder for Taiwanese life insurer Nan Shan, the Wall Street
Journal reported on Wednesday.

But a person familiar with the situation, who spoke on
condition of anonymity, told Reuters that it was unlikely that
the bidder would be publicly named next week.

AIG Chief Executive Bob Benmosche met Taiwanese regulators
last week to talk about criteria for approving the sale,
regulatory sources said. Taiwan’s Financial Supervisory
Commission rejected the original $2.15 billion bid by a group
it said lacked sufficient experience. [ID:nTOE6BE05V]

Four groups have submitted bids this time, and Taiwanese
media reports suggest there are up to five contenders. AIG has
said it expects to sell the business for at least the same
amount it was offered originally.

An AIG spokesman declined to comment on the report.
(Reporting by Ben Berkowitz, editing by Gerald E. McCormick)

AIG nearing Nan Shan buyer choice – WSJ