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Tuesday, January 4, 2011

AIG gets alternative proposal for Taiwan unit, (NYSE: AIG)

American International Group's (AIG.N) protracted sale of its Taiwan unit was further complicated on Tuesday when a Taiwanese company proposed buying a stake in the business, an offer that may please regulators but runs counter to AIG's plans. AIG has been trying for 15 months to sell its Nan Shan Life unit, and actually had a deal to sell the business last year for $2.15 billion. But local regulators blocked the deal and AIG was forced to put it back up for sale. The New York-based insurer got four offers for the business in the latest round, but on Tuesday home security company Taiwan Secom Group (9917.TW) proposed buying a stake in Nan Shan and jointly running it with AIG. Taiwan Secom would expect to list the unit in Taiwan.