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Monday, December 17, 2012

AIG raises $6.45 billion from AIA stake sale, (NYSE: AIG)

American International Group Inc raised $6.45 billion from the sale of its remaining stake in AIA Group Ltd in Asia's second-largest block sale ever, exiting a business the U.S. insurer started nearly 100 years ago.The sale, which priced near the top of its indicative range, marks the end of an era for AIG in Asia and its Chief Executive Robert Benmosche, who took AIA public in Hong Kong in the world's third-biggest IPO two years ago.AIG was forced to sell parts of its massive business, including AIA, after the U.S. government bailed the company out in 2008 as it teetered on the brink of collapse. The government ultimately spent $182 billion on the rescue.AIG priced its 13.69 percent stake or 1.65 billion shares in Asia's third-largest insurer at HK$30.30 per share. The deal had been marketed at HK$29.65-HK$30.65 apiece.

American International Group, Inc. (AIG) is an international insurance company, serving customers in more than 130 countries. Shares of AIG traded higher by 2.98% or $1.01/share to $34.95. In the past year, the shares have traded as low as $22.70 and as high as $37.67. On average, 25481500 shares of AIG exchange hands on a given day and today's volume is recorded at 33952760.