American International Group, Inc. will spend $813 millionacquire the estimated 40 percent share of 21st Century InsuranceGroup it does not already own, the company announced today.
The New York-based financial services giant said it will pay $22per share in cash for the Woodland Hills, Calif.-based company'sstock.
AIG already owns, through its subsidiaries, approximately 60.8percent of the outstanding shares of 21st Century. Upon completionof the transaction, 21st Century will become a wholly ownedsubsidiary of AIG.
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