American International Group is offering for sale about $1.2 billion worth of shares in China’s PICC Property and Casualty Co Ltd in a block deal, IFR said on Saturday, citing a term sheet of the deal, Reuters reported. AIG’s stake sale is among the biggest block deals in Asia this year and comes at a time when several European and US financial institutions have been trimming their exposure to Chinese banks and insurers. Citigroup and Deutsche Bank both have sold their minority holdings in Chinese banks in recent months. AIG is offering 740 million PICC P&C shares in an indicative price range of HK$13.06-HK$13.35 ($1.68-$1.72) each, an up to 8% discount to PICC’s Friday close, the term sheet showed.
