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Sunday, December 16, 2012

AIG to raise up to $6.5 billion through AIA share sale-source, (NYSE: AIG)

American International Group Inc (AIG) may raise up to $6.5 billion through the sale of its remaining stake in Asian insurer AIA, a source said on Monday, marking AIG's total exit from a company it has held a stake in for nearly 100 years.The source, who has direct knowledge of the matter, told Reuters that AIG would sell the 13.69 percent, or 1.65 billion block of shares, in the range of HK$29.65-HK$30.65 per share. AIA's stock closed at HK$31.65 on Friday.The source declined to be identified as the price range was not yet public.AIG expects to use the net proceeds from the AIA sale for general corporate purposes. AIG said earlier on Monday that it had commenced a sale of its AIA shares in Hong Kong by placing them to certain institutional investors. The company did not disclose the buyers or the price.

American International Group, Inc. (AIG) is an international insurance company, serving customers in more than 130 countries. Shares of AIG fell by 0.88% or $-0.3/share to $33.94. In the past year, the shares have traded as low as $22.19 and as high as $37.67. On average, 25306000 shares of AIG exchange hands on a given day and today's volume is recorded at 29334760.