AIG to file prospecutus for AIA IPO pre-Christmas-FT
LONDON Dec 17 (Reuters) - Bailed out U.S. insurer American International Group (AIG.N: Cotización) plans to file a prospectus for a multi-billion dollar IPO of its Asian life insurance unit before Christmas, the Financial Times reported on Thursday.
The Hong Kong IPO of American International Assurance is expected to raise $10 billion to $20 billion, the paper said.
"AIA and its advisers are working round the clock to submit the filing before Christmas," the paper quoted a person familiar with the matter as saying. "Nobody involved wants this to hang around for much longer."
Filing a draft prospectus with stock exchange authorities before Christmas would trigger a formal three-month process that would set a path for a listing in the second quarter of 2010, the paper said.
AIG has appointed Deutsche Bank (DBKGn.DE: Cotización) and Morgan Stanley (MS.N: Cotización) as its joint global coordinators of the IPO, which will generate huge fees for the banks involved. [ID:nHKG20632]
Goldman Sachs (GS.N: Cotización) and Citigroup (C.N: Cotización), which both advised on an aborted sale of AIA earlier this year, have emerged as front runners for more junior book-runner positions, along with Credit Suisse CSGN.VX, the Financial Times said citing people familiar with the situation.
(Reporting by Kylie MacLellan; Editing by Lincoln Feast)
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