Chillin' out till it needs to be funded
zyakaira notes: The Taiwan Life unit: The recent laundry list of asset sales planned by AIG see here continues to find conflict of interest in almost each of its deals, as AIG remains the buck stopper of the entire industry’s claims good or bad..
Bloomberg reports that Morgan Stanley’s (NYSE:MS) private equity fund pulled out of the bidding group Chinatrust Financial Holding Co. is leading. So is Chinatrust still in the bidding?
The sale of the unit is expected to bring in about $2 billion, but it could have trouble hitting that price target as the unit is under as much financial pressure as its parent. Nan Shan was forced to raise $1.45 billion in a rights offer last year to avoid slipping below a regulatory capital requirement as unprofitable policies eroded its reserves.
So who else is in the bidding for the unit?
Carlyle Group, which joined Fubon Financial Holding Co.
Cathay Financial Holding Co.
China Strategic Holdings Ltd. may have joined Primus Financial Holdings Ltd.
Binding offers are due for submission on Aug. 28, according to the reports. – Maria Woehr