Four Taiwan firms confirm AIG Taiwan unit bids

TAIPEI (BestGrowthStock) – All four prospective bidders for AIG’s (AIG.N: ) Taiwan life insurance unit confirmed on Friday they will submit offers, opening the way for the bailed out U.S. insurer to pick at buyer at the second time of asking.

Taiwanese banks Cathay Financial (2882.TW: ), Fubon (2881.TW: ), and Chinatrust (2891.TW: ), along with the chairman of conglomerate Ruentex Group, bidding as an individual, confirmed their bids, but gave no further details.

Sources had told Reuters on Thursday that at least three of the four would bid. All four had been invited by AIG to conduct due diligence on the unit, which it wants to sell to help pay back the U.S. government for its bailout.

AIG said in November it aims to sell Nan Shan for around $2 billion within two months.

Taiwan regulators rejected in August AIG’s plan to sell the unit for $2.15 billion to a Hong Kong-based buyer group of China Strategic (0235.HK: ) and Primus Financial, citing concerns about their future ability to raise funds and lacking of experience in running an insurance business.

After the rejection, analysts had widely expected the unit to be put back on the market with local buyers the preferred choice.

($1=T$30.4)

(Reporting by Faith Hung; editing by Jonathan Standing)

Four Taiwan firms confirm AIG Taiwan unit bids