AIG last night returned to the market to trim its stake in Hong Kong-listed AIA Group, following the expiry of its latest lockup on Tuesday. A deal was widely expected, but AIG nevertheless caught investors off guard by selling less than one-third of its remaining stake in the pan-Asian life insurer. At the final price, this resulted in a deal size of HK$15.9 billion $2 billion, while many market participants had been expecting AIG to sell its entire stake in one go to raise more than $7 billion.
The smaller deal size meant that investors who had been positioning for a sale could no longer be sure...
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