Zacks Analyst Blog Highlights: American International Group Inc., Prudential Plc, Credit Suisse Group, HSBC Holdings Plc and JPMorgan Chase & Co. - Press Releases
For Immediate Release
Chicago, IL – March 3, 2010 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: American International Group Inc. (AIG), Prudential Plc (PUK), Credit Suisse Group (CS), HSBC Holdings Plc (HBC) and JPMorgan Chase & Co. (JPM).
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Here are highlights from Tuesday’s Analyst Blog:
Details on Latest AIG Sale
In order to attain funds for repaying the government’s bailout, on Monday, American International Group Inc. (AIG) announced the sale of its Asian life-insurance unit, American International Assurance (AIA) to the U.K.’s Prudential Plc (PUK) for about $35.5 billion. This comprises about $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities and $2.0 billion in face value of preferred stock of Prudential. Subject to other terms of the deal, the transaction expected to close by the end of 2010.
AIG is expected to utilize the $25 billion cash to redeem the $16 billion stake in AIA from the Federal Reserve and to repay the $9 billion credit facility. The remaining $10.5 billion in securities are expected to be cashed in depending upon the market conditions but will be primarily used for further debt repayment of Federal Reserve.
AIG is desperately seeking the asset sales approach to get rid of the government bailout loan of about $180 billion, taken during the height of financial crisis in 2008. Currently, the U.S. government enjoys about 80% stake in AIG. On the other hand, Prudential is considering a right offering to raise $20 billion to fund the AIA deal. This offering will be supported by Credit Suisse Group (CS), London’s HSBC Holdings, a wing of HSBC Holdings Plc (HBC) and JPMorgan Chase & Co. (JPM).
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