AIG Receiving Bids for Taiwan Unit
July 3, 2009 by Stephen Kersey
Filed under Business
In an attempt to raise money, AIG is selling off its insurance unit in Taiwan. According to the Economic Daily News, nearly a dozen companies have submitted bids to date. The companies include both Taiwan firms and international entities.
Most industry experts believe that AIG will be able to get approximately $2 billion for its Taiwan insurance unit. The Economic Daily News is saying that the highest bid so far is approximately $2.5 billion.
AIG can use all the money it can get. It has received approximately $180 billion from the United States federal government in bailout funding. Once they sell this insurance unit in Taiwan, the money could possibly go straight to the U.S. government.
Earlier in the year, AIG received a huge amount of negative publicity due to the millions of dollars of bonuses it dolled out to employees even after receiving bailout funding.
AIG (Image: Flickr)
