God’s Words of Strength to His People During Financial Turmoil
Photographer: Ramin Talaie/Bloomberg
A Chinese group agreed to buy 80.1 percent of American International Group Inc. (AIG)’s plane-leasing unit for $4.23 billion in the nation’s largest acquisition of a U.S. company.
The International Lease Finance Corp. acquirers, led by New China Trust Co. Chairman Weng Xianding, have an option to buy another 9.9 percent, New York-based AIG said today in a statement. The transaction, which values ILFC at $5.3 billion, passes China Investment Corp.’s $3 billion purchase of a stake in Blackstone Group LP (BX) in 2007 as the biggest Chinese-U.S. deal.
A group of Chinese investors agreed to buy an 80.1% stake in the plane-leasing unit of AIG for $4.23 billion. Photographer: Ramin Talaie/Bloomberg
June 4 (Bloomberg) — Robert Benmosche, chief executive officer of American International Group Inc., talks about the European debt crisis and AIG’s growth strategy. Benmosche, who spoke in an interview this weekend with Bloomberg’s Boris Cerni, also discussed his leadership of the company and the outlook for the U.S. economy. (Source: Bloomberg)
The acquisition gives the group control of the world’s second-largest aircraft lessor as rising travel in China and Asia spurs demand for planes. AIG, which counts the U.S. government as its largest investor, is selling the Los Angeles- based unit as Chief Executive Officer Robert Benmosche focuses on insurance operations and works to reduce debt.
“This ILFC deal squarely places the leasing business where future growth will be,” said Will Horton, a Hong Kong-based analyst at CAPA Centre for Aviation. “There are large opportunities in China, but also in countries like Indonesia and Malaysia.”
AIG will record a $4.4 billion non-operating loss, which includes a $1.8 billion non-cash charge tied to tax assets, when the transaction meets criteria for “held for sale” accounting treatment, according to the statement. The deal is subject to approval by U.S. and Chinese regulators.
Source: Bloomberg News
Precious metals have always been a safe haven for investing in uncertain economic times. Precious metals are assets that will never lose their value. They are not subject to systematic risks as fiat/paper money and hedge/protect your hard earned wealth against inflation and other threats of devaluation. Cornerstone Asset Metals was established to help guide investors safely in and out of the precious metals market.
Learn more about how buying silver today is a smart move for your investment portfolio.
» Contact Cornerstone Asset Metals today to learn more about buying silver as an investment.
Past performance is not an indication of future potential values.
» Read our article: The Best Way to invest in Silver
Past performance is not an indication of future potential values.
Related posts