Taiwan Nixes Primus Group's $2.2B Bid For AIG Unit

Law360, New York (August 31, 2010, 4:29 PM EDT) -- Taiwanese financial regulators on Tuesday blocked a group headed by Primus Financial Holdings Ltd. from buying American International Group Inc.'s Taiwanese life insurance unit for $2.15 billion, urging the troubled insurance giant to hold onto the company.

Taiwan's Financial Supervisory Commission rejected the sale of Nan Shan Life Insurance Co. Ltd. to the group led by Hong Kong-based Primus but said it was willing to work with AIG to come up with a strategy to help develop Nan Shan further.

Citing the company's "long-standing history and...
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