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Article: China ; China Construction to Buy AIG Unit in First Purchase Since 2006.
- Article from:
- TendersInfo
- Article date:
- August 13, 2009
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Byline: shiv03
China Construction Bank Corp., the world s third-largest lender by market value, agreed to buy a unit of American International Group Inc. for $70 million in cash, marking its first overseas acquisition in three years.
China Construction Bank Asia will buy 100 percent of AIG Finance (Hong Kong) Ltd., New York-based AIG said in a statement distributed by Business Wire. Construction Bank, with $186 billion of cash, hasn t made any acquisitions abroad since August 2006. That s when the Chinese lender bought Bank of America Corp. s Hong Kong and Macau unit for $1.25 billion, gaining 17 outlets. AIG has disclosed deals to sell assets for about ...