Joined
·
4,037 Posts
American International Group Inc will buy a stake in Lifan Group
NEW YORK (Reuters) - American International Group Inc (AIG.N: Quote, Profile, Research), the world's largest insurer, said on Friday that it would buy a stake in Lifan Group, China's top motorcycle maker.
AIG spokesman Chris Winans confirmed that the purchase was a private equity investment through a fund at the company's asset management division, which managed nearly $744 billion as of September 30.
Winans did not disclose the terms or the size of the stake.
Yin Mingsha, owner of Lifan, told Reuters last October that he would sell no more than 20 percent of the company to outside investors and identified AIG and private equity firm Texas Pacific Group TPG.UL as potential partners.
The Shanghai Securities News reported earlier this week that AIG planned to buy 25 percent of Lifan.
Lifan claims that their product is being counterfeited and have quoted a few of the culprits. View the Lifan memorandum here:http://www.lifan.com/en//corpnews_list.asp?docid=8885&parentid=358
NEW YORK (Reuters) - American International Group Inc (AIG.N: Quote, Profile, Research), the world's largest insurer, said on Friday that it would buy a stake in Lifan Group, China's top motorcycle maker.
AIG spokesman Chris Winans confirmed that the purchase was a private equity investment through a fund at the company's asset management division, which managed nearly $744 billion as of September 30.
Winans did not disclose the terms or the size of the stake.
Yin Mingsha, owner of Lifan, told Reuters last October that he would sell no more than 20 percent of the company to outside investors and identified AIG and private equity firm Texas Pacific Group TPG.UL as potential partners.
The Shanghai Securities News reported earlier this week that AIG planned to buy 25 percent of Lifan.
Lifan claims that their product is being counterfeited and have quoted a few of the culprits. View the Lifan memorandum here:http://www.lifan.com/en//corpnews_list.asp?docid=8885&parentid=358
