UPDATE 1-Four Taiwan firms confirm AIG Taiwan unit bids

* Cathay, Fubon, Chinatrust, Ruentex Group head submit bids

* Opens the way for AIG to finalise unit buyer for 2nd time
(Adds details)

TAIPEI, Dec 3 (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 [ID:nTPV002217]. 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. [ID:nTOE6AA0CO]

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.

For a timeline of the sale saga, see [ID:nTOE6AL025]. For
more on Nan Shan, see [ID:nTOE6AL028].
(Reporting by Faith Hung; editing by Jonathan Standing)

UPDATE 1-Four Taiwan firms confirm AIG Taiwan unit bids