AIG raises $6.4B from sale of remaining AIA stake

HONG KONG (AP) ? U.S. insurance company AIG has sold its remaining stake in Asian life insurer AIA Group for $6.4 billion.

Hong Kong-based AIA Group said Tuesday that American International Group sold nearly 1.65 billion shares. They were sold at 30.30 Hong Kong dollars ($3.90) each and represented AIG's remaining stake of approximately 14 percent.

AIG said on Monday it plans to use the proceeds from the sale for general corporate purposes.

AIG sold $6 billion in AIA Group stock in March and $2 billion more in another sale in September. After the September stock sale it was restricted from selling any of its remaining shares until Dec. 10.

American International Group nearly collapsed in 2008. It received $182 billion from the U.S. government after suffering massive losses from investments in derivatives.

Source: http://news.yahoo.com/aig-raises-6-4b-sale-remaining-aia-stake-024532978--finance.html

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