Chinese consortium to bid for AIA stake

A consortium of leading Chinese companies including Industrial and Commercial Bank of China China Life Insurance, plans to bid for a 30 per cent stake in American International Group's Asian life insurance business, AIA, the 21st Century Business Herald has reported.

That would mean an investment of about $10bn (£6bn) based on AIA's estimated $30bn value, which was what British insurer Prudential Plc last agreed to pay for AIA before its bid collapsed earlier this year.

Bailed out insurer AIG is planning to list American International Assurance (AIA) on the Hong Kong stock exchange later this year, which could raise about $15bn.

AIG was set to name Citigroup, Deutsche Bank AG, Goldman Sachs Group Inc and Morgan Stanley as joint global coordinators for the IPO, sources told Reuters.

Other members of the consortium include Cinda Asset Management Fosun Group, Hony Capital (an investment arm of Legend Group, parent of Lenovo Group (0992.HK)), and Ltd , according to the newspaper.