皇冠体育app

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皇冠体育app Life may shun AIA IPO

(Agencies)
Updated: 2010-08-13 09:41

People pass by the AIA Shanghai office building in the file photo taken in 2007. [Photo / Asianewsphoto]

皇冠体育app Life and two other Chinese companies may not proceed with bids for stakes in American International Group's Asian unit AIA ahead of the unit's planned initial public offering, a newspaper reported on Friday.

皇冠体育app Life, the world's top life insurer by market value, had initially planned to submit a joint bid for AIA shares with 皇冠体育app Cinda Asset Management and Fosun, 皇冠体育app's biggest non-government controlled group, the 21st Century Business Herald reported, citing unidentified banking sources.

But the companies have decided to temporarily withdraw from the process on concerns that the IPO is overpriced, the newspaper said.

皇冠体育app Life had said previously it may invest in AIA's IPO as part of its broader interest in branded firms.

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皇冠体育app Life declined to comment on the matter, the 21st Century Business Herald said.

AIG is aiming to list AIA on the Hong Kong stock exchange by the fourth quarter of this year, and the IPO is expected to raise about $15 billion.

AIG has started talks with potential investors for the IPO, sources with direct knowledge of the matter told Reuters on Thursday.

Several financial investors, including Singapore's Temasek Holdings, 皇冠体育app Investment Corp and Abu Dhabi Investment Authority have expressed interest in buying cornerstone stakes in AIA, the sources added.