American International Group Inc (AIG) yesterday dismissed media speculation that it would announce the winning bid for its Taiwanese insurance unit today, saying it takes time to negotiate with potential buyers.
“The process to explore a divestiture of Nan Shan takes time and is ongoing,” New York-based AIG said in a statement released on Wednesday night via its local public relations agency. “No decisions have been made.”
Chinatrust Financial Holding Co (中信金控) and a consortium led by Primus Financial Holdings Ltd are the only two remaining bidders for Nan Shan Life Insurance Co (南山人壽), the Chinese-language Economic Daily News reported earlier this week, without citing sources.
Nan Shan’s sales agents and employees have expressed concern that the sale of the company, the nation’s second-largest life insurer after Cathay Life Insurance Co (國泰人壽), might affect their pension payments. Regulators have said they would not approve the transfer of ownership unless all labor issues have been addressed.
AIG said in the statement that it recognized the importance of the labor issue and would like to take “an open and ongoing dialogue with Nan Shan’s agents and other parties” during the divestiture process.
“All proposals and requests made by the Nan Shan agency force are noted in their entirety by AIG,” the statement said.
AIG hoped to reach an agreement with the potential Nan Shan buyer to solve the pension problem, but labor union has said it did not want the new buyer to get involved in the issue.
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