American International Group AIG last night completed its exit from Hong Kong-listed AIA Group through a HK$50 billion $6.4 billion share placement that attracted huge demand and was priced at a pretty tight 4.3% discount.
The deal trumped AIG’s $6 billion sell-down in AIA in March to become the largest equity transaction in Asia this year and the second-largest block trade ever after Vodafone’s $6.6 billion exit from China Mobile in September 2010. It was also done at a significantly higher absolute price than the March sale a fitting end to AIG’s highly successful and disciplined divestment of its former Asian life insurance unit that began with...
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