BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
(Reuters) — American International Group Inc. is seeking to raise about $750 million by selling part of its stake in China's state-run PICC Property and Casualty Co Ltd., according to a term sheet of the deal seen by IFR on Monday.
AIG is offering between 355 million and 365 million shares in PICC Property and Casualty in a range of HK$16.08-HK$16.38 each, IFR, a Thomson Reuters publication reported.
That represents a discount of 4.3-6.1% to PICC Property's last traded price. The deal has a $250 million up-size option, IFR said.
AIG first acquired a stake in PICC Property and Casualty as a cornerstone investor in 2003, ahead of the Chinese insurer's IPO. AIG was not available for an immediate comment.
Citigroup, Goldman Sachs and Morgan Stanley are managing the sale, IFR said.
American International Group Inc. plans to sell 256 million shares of China's PICC Property & Casualty Co. Ltd. for about $500 million.