NEW YORK (Reuters) - banks, will meet in New York City Thursday to make their case for the right to sell US Treasury stake in American International Group, three people familiar with the matter said Wednesday.
Treasury will be owner of 92.1% of the insurer-out intervened after a recapitalization deal closes. AIG said Wednesday afternoon agreement will close Friday and will result in a charge of $ 3.6 billion in the current quarter. He expected to take large costs associated with the closure.
With this closed market, sources reported a large secondary share offering takeholder billion or more--should sometime in the second half of May.
AIG Chief Executive Bob Benmosche describes a "sense of joy" in the closure of rehabilitation and said the next step for the company to prepare for the sale of shares.
"We have to think about the need to make a capital increase and improve liquidity", he said in an interview, but he declined to comment on synchronization, saying that "we want to be ready as soon as possible."
Society and Government are expected to process the sale as an initial public offer, given its size and its importance as the actual return of AIG participation multiple public property.
AIG is in the hope of attracting an important property of institutional investors, drawing in people who have fled the stock after its September 2008 near-collapse, sources have said.
The Treasury Board and the AIG sell shares in the offer of may; a person familiar with the situation said AIG is to aim to sell 3 billions of dollars in stock at this time.
Two of those familiar with the meeting of the Bank stated that companies are likely to come pitch fee of 75 basis points or less, to the pit of General Motors Co last year taxes.
Such a structure would be much less than usual for an introduction on the stock exchange or an offer on the part of school of this size.
The location of the meeting is unclear, although it is planned to make executives participating banks. A source familiar with the situation said Bank of America Chief Executive Brian Moynihan among those attending.
HUGE ADVANTAGE OF PAPER
Shares of AIG, trading above $58, should return to the range of workplace-$ 40 next week when stock warrants start trading, a source, said Monday.
Even at this beach, however, the Government seek to profit paper in the neighbourhood of $ 27 billion.
That would mark a surprise ending tortured for over two years of back-and-forth on the future of AIG. At one point the Government rescue plan topped $ 182-billion and the company was headed for a break from the sale of fire.
But the Chief Executive, Robert Benmosche, came on board in August 2009, has stopped the sale of fire and leads the company in a different way, sale of certain assets while refocusing the company on life insurer American SunAmerica and global property insurer British company Chartis.
One of the last asset sale program pieces fell into place Wednesday after more than a year of surprises. AIG said it struck a deal to sell Taiwanese life insurer Nan Shan 2.16 billion.
(Reporting by Clare Baldwin and Ben Berkowitz in New York and Joe Rauch in Charlotte.) Written by Ben Berkowitz; (Editing by Carol bishopric and Richard Chang)
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