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Generali said to be interested in AIG's assets in Asia

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TRIESTE, Italy (Bloomberg)—Assicurazioni Generali S.p.A., Europe’s third-biggest insurer, may be interested in buying parts of American International Group Inc.’s operations in Asia, two people familiar with the matter said.

The Italian insurer would consider an acquisition if AIG decides to sell units rather than pursue an initial public offering for AIA Group Ltd., the holding company controlling the Asian businesses, said the people, who asked not be identified because the matter is confidential.

Generali, which weighed a bid for AIG’s Chinese business at the end of 2008, is expanding in emerging markets, including China and the Middle East, to offset the impact of the worst recession in more than 30 years in Italy last year.

Generali would have to sell shares to finance a purchase, Alberto Villa, an analyst at Milan-based brokerage Intermonte Sim S.p.A., wrote in a note Wednesday. The failure of talks to sell AIA Group to London-based Prudential P.L.C. “may open the interest of Generali for some activities in case of a breakup,” he said.

A Generali spokesman said it’s premature to discuss the matter given that AIG hasn’t decided how to proceed. The Italian insurer’s interest in AIG assets was reported by newspaper MF earlier Thursday.

AIG, which is selling assets to repay its $182.3 billion U.S. bailout, is revisiting plans for a Hong Kong offering of AIA Group after the collapse of the Prudential deal. The U.K. insurer said Wednesday it terminated an agreement to buy the AIG unit for $35.5 billion and cancelled a rights offering linked to the acquisition.

&Copy;2010 Bloomberg News