AIG To Sell Nan Shan Unit For $2.2B

Law360, New York (January 12, 2011, 1:58 PM EST) -- American International Group Inc. said Wednesday it had reached a deal to sell its Taiwanese insurance subsidiary to Ruen Chen Investment Holding Co. Ltd. for $2.16 billion, following Taiwanese regulators' rejection of another attempt to shed the unit last summer.

The all-cash deal for AIG's 97.57 percent stake in Nan Shan will put the unit in the hands of two large Taiwan-based companies. Ruen Chen is 80 percent owned by retail and fabric conglomerate Ruentex Group and 20 percent owned by footwear manufacturer Pou Chen Corp....
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