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by Staff Writers
Washington (AFP) Dec 7, 2012
US government-controlled insurance group AIG said Friday it was in talks to sell a majority stake in International Lease Finance Corporation (ILFC) to a consortium of Chinese companies.
American International Group, Inc said the Chinese companies could buy 90 percent of ILFC, one of the world's top aviation leasing firms with more than 1,000 owned and managed aircraft.
The Chinese companies are led by New China Trust, New China Life Insurance, and P3 Investments, along with China Aviation Industrial Fund and an investment arm of Chinese bank ICBC International, AIG said.
No pricing details were available, but AIG stressed that the possible sale of part of its 100 percent stake in ILFC has always been possible.
"AIG has consistently stated that ILFC is a non-core asset," it said in a statement.
It emphasized as well that the sale would require approval by regulators in China and the US.
The US government threw some $182 billion into the rescue of AIG at the height of the financial crisis four years ago, and has slowly been clawing back its investment by pushing AIG back to profitability and selling off its own shares in the company.
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