AIG BIDS FOR SUNAMERICA; BOARDS APPROVE $14.6 BILLION DEAL TO EXPAND WORLDWIDE INSURANCE BEHEMOTH.Byline: Michael White There are multiple public figures named Michael White or Mike White, including:
Global insurance giant American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc. is buying SunAmerica Inc. in a $14.6 billion stock swap to gain a strong presence in retirement-planning markets and new services to sell to its overseas customers, M.R. Greenberg, AIG's chairman, said Thursday. In response, SunAmerica's stock rose more than 11 percent as the most active New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. issue of the day. AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group fell more than 7 percent as traders feared the purchase price would hurt the company's profits. SunAmerica will keep its name and Los Angeles headquarters while operating as an independent company under AIG ownership. ``This transition positions AIG in a major market where we have not been well represented and will enable AIG, through our unsurpassed global network, to introduce SunAmerica's retirement products into world markets,'' Greenberg said in a news release. The boards of the two companies have agreed to the deal, which still requires approval by shareholders of both companies and federal regulators. The companies expect to complete the deal late this year or early in 1999. Founded in Shanghai in 1919, AIG sells property, life, marine and casualty insurance through more than 300 insurance subsidiaries operating in 130 countries. AIG, which now has its headquarters in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , reported $30.6 billion in revenue in 1997. SunAmerica's 1997 revenue was $2.1 billion. In recent years, AIG has been trying to expand its presence in U.S. markets. Earlier this year the company tried to buy American Bankers Insurance Group in Miami, but was outbid out·bid tr.v. out·bid, out·bid·den or out·bid, out·bid·ding, out·bids To bid higher than: We outbid our rivals at the auction. by Dendant, a consumer services marketing firm formed from the merger of HFS (Hierarchical File System) The file system used in the Macintosh. The first version, known as "Mac OS Standard," was introduced in 1985. HFS+, an enhanced version, came out in 1998 in preparation for the upcoming Mac OS X operating system. Inc. and CUC International. AIG was successful, however, in recently taking over majority ownership in 20th Century Industries Inc., the Woodland Hills-based auto insurer. Earlier this month, AIG announced it had amassed 53.1 percent of 20th Century's common shares by buying some on the open market and converting options on others it acquired when it bailed out 20th Century after the Northridge Earthquake of 1994. Under terms of the deal announced Thursday, each SunAmerica share will be exchanged for .855 share of AIG. |
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