Sources: AIG Talking to Big Investors on AIA IPO

American International Group Inc AIG has started talks with potential investors to sell stakes in its Asian life insurance business AIA ahead of AIA's planned IPO, sources with direct knowledge of the matter said. Several financial investors, including Temasek Holdings, China Investment Corp CIC.UL and Abu Dhabi Investment Authority have expressed interest in buying cornerstone stakes in AIA, they added. Earlier, the Financial Times said in a report that AIG may place as much as 30 percent of AIA with institutional investors and wealthy tycoons, rather than offer them minor stakes in an initial public offering. AIG is aiming to list AIA on the Hong Kong stock exchange by the fourth quarter of this year and the IPO is expected to raise about $15 billion. "Some preliminary talks have taken place in response to interest from some investors," one source said. The sources declined to be identified as the talks are private. AIG is set to name Citigroup C, Deutsche Bank, Goldman Sachs GS and Morgan Stanley MS as the joint global coordinators for the IPO, sources have previously told Reuters. To read the rest, head over to FOX Business.