(Bloomberg) -- American International Group Inc., the insurerbeing pressured by activist investor Carl Icahn to boost returns,is seeking $750 million by selling shares in PICC Property &Casualty Co. after the Chinese company’s stock rebounded.
AIG is offering 355 million to 361 million shares of China’slargest non-life insurer at HK$16.08 to HK$16.38 apiece, accordingto terms for the deal obtained by Bloomberg. That compares with theclosing price of HK$17.12 Monday for PICC, which rallied about 20%from this year’s low in September. New York-based AIG can’t sellany of its remaining PICC stake for 90 days, according to theterms.
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