FIRM SEEKING BIGGER SHARE OF 20TH CENTURY; NEW YORK'S AIG FILES INTENT.Byline: Courtney Schlisserman Bloomberg News 20th Century Industries said American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc. has filed to increase its stake in the property and casualty insurer. 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 expects to own more than 50 percent of 20th Century's voting securities within a year of receiving approval from the Federal Trade Commission and the Justice Department, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Woodland Hills-based 20th Century. AIG already holds 900,000 of the company's common shares and 224,950 preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. convertible into 19,854,269 - totaling about 40 percent of 20th Century's voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. . AIG also has 16 million warrants to buy common shares at $9.10 each. The filing was announced after markets closed Thursday. 20th Century fell 1/16 to 27 7/8. 20th Century Chairman John B. De Nault said AIG's bid was unsolicited and that the company is satisfied with its current ownership structure. New York-based AIG, known in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. primarily as a commercial insurer, has been looking to develop its personal insurance business, focusing on direct-market auto insurance. The company said in January that it ``would be willing to discuss'' acquiring 20th Century. It lost a bid to acquire American Bankers Insurance Group Inc. last month when it wouldn't raise its price above $58 a share, or about $2.7 billion. AIG's relationship with 20th Century began in September 1994, when it agreed to invest $200 million in the company to help it overcome losses from the Northridge Earthquake in January of that year. The two insurers then began a joint venture to sell car insurance in Arizona in December 1995. Also on Thursday, 20th Century announced it had signed a 15-year lease on its headquarters in Warner Center and agreed to be the primary tenant in an adjacent 11-story, $30 million office tower that will be built by late 1999. |
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