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It seems AIG (NYSE:AIG) will finally be cutting ties with its roots, as it tries selling off its last 1.65 billion shares in AIA, AIG’s Asia-based predecessor. The sale, prompted by AIG’s near-collapse and subsequent bailout in 2008, could raise nearly $6.5 billion for AIG, which the group will use for corporate purposes.
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AIG began the sell-off in 2010, with the world’s third-largest IPO ever. Since then, AIA’s shares have gone up 61 percent. The offering is being coordinated by Deutsche Bank AG (NYSE:DB) and Goldman Sachs Group Inc (NYSE:GS). The sale of AIA’s shares has been attracting investors with an eye for the growing insurance market in Asia.
After the $182 billion bailout by the U.S. government 4 years ago, the U.S. Treasury Department finished selling off its shares of AIG last Friday.
Don’t Miss: AIG: The End of an Era.
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