Taiwan regulators reject AIG's sale of insurance unit to Primus

Despite making numerous concessions to ensure regulatory approval, the Financial Supervisory Commission rejects the Primus consortium's plan to buy the Nan Shan life insurance unit for $2.15 billion.

Taiwan regulators yesterday rejected American International Group’s sale of its Taiwan life insurance business to a consortium led by Primus Financial Holdings, throwing yet another spanner in the works for AIG as it strives to repay the bailout money it received from the US government in 2008.

The decision comes after more than 10 months of negotiations with Taiwan’s Financial Supervisory Commission and numerous concessions both by the buyer and the seller to get the deal approved and, in light of that, sources say the parties believed the $2.15 billion acquisition would eventually get the go-ahead.

The FSC didn’t offer any explanation for the rejection, which was announced through a brief statement in Chinese on...

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