AIG picks banks for share sale

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first_img whatsapp Share whatsapp KCS-content Wednesday 19 January 2011 7:07 pm AMERICAN International Group (AIG) has chosen Bank of America, Deutsche Bank, Goldman Sachs and JPMorgan Chase to manage the sale of the government’s 92 per cent stake in the insurer, according to reports.AIG and the government held a “bake off” in New York last Thursday, hosting chief executives and bankers from 10 of the world’s largest firms to pitch for the right to manage the deal.JPMorgan and Bank of America were two of the three joint lead arrangers on AIG’s $4.3bn (£2.7bn) bank credit lines, while Goldman and AIG have a long-standing relationship. The Deutsche Bank connection is less clear, although AIG is expected to pitch investors aggressively for a large, global shareholder base.The winning banks are expected to split a fee that is less than the 75 basis points of the offering value the government paid last year for the initial public offering (IPO) of General Motors. Reports say the fee could be closer to 50 basis points.That is significantly less than the usual fee for a secondary offering of this size, although the banks are expected to make up for the lost revenue with the prestige of managing a marquee deal and the chance at future AIG business. AIG’s selection of banks to manage its share sale left out Citigroup and Morgan Stanley. Citigroup has been a restructuring adviser for AIG and was also one of the joint lead arrangers of a $4.3bn bank credit lines to the insurer. Morgan Stanley has advised the government since the insurer’s near collapse in September 2008.But both banks are likely to be among the four to eight joint bookrunners to be brought in closer to the offering, a source said yesterday. center_img More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search Ads AIG picks banks for share sale Tags: NULL Show Comments ▼last_img read more


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