AIG Rejects Revised Prudential Offer For AIA

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Insurance giant AIG announced it will not accept a lower offer for its Asian insurance business. AIG has been trying to sell its subsidiary to the British insurer Prudential. AIG needs the sale to pay back some of the billions it borrowed during the financial crisis.

STEVE INSKEEP, host:

NPR's business news starts with an AIG deal still not done.

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INSKEEP: The insurance giant AIG - you remember them, don't you? That's part of your portfolio. You own it. AIG said today it will not accept a lower offer for its Asian insurance business. AIG has been trying to sell its subsidiary to the British insurer Prudential. AIG, whose main shareholder is now the U.S. Treasury, needs the sale to pay back some of the billions that it borrowed during the financial crisis. But Prudential recently lowered its offer from $35 billion to about $30 billion. AIG says it wants to stick to the original offer.

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