Taipei, Dec. 9, 2010 (CENS)--Two consortiums, one consisting of Ruentex Group and Pou Chen Group and the other of Primus Financial Holding and Goldsun Group, have emerged as frontrunners in the renewed bidding for Nan Shan Life Insurance, according to the Chinese-language Economic Daily News (EDN), sister publication of Taiwan Economic News (TEN).
Citing inside sources, EDN reports that three other contenders, Chinaturst Holding, Fubon Holding, and Cathay Holding, have been assigned to backseats by AIG Group, parent firm of Nan Shan, during its screening of the bids tendered by the prospective buyers. It, however, may be more difficult for the two front-running consortiums to win the approval of the Financial Supervisory Commission (FSC), due to their lack of financial background.
http://news.cens.com/cens/html/en/news/news_inner_34568.html
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Sounds like AIG does not want to sell to a competitor, no matter how small they are now as by buying such an established Asian company will help them grow rapidly. Whether the local Financial supervisor will stand for it, which the article suggest they might not, AIG might have no choice but to sell grudgingly to a rival.
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