Financial Services Industry
Industry: Email Alert RSS FeedFitch Places AGC On Watch following AIG Bid.(American General Corp., American International Group Inc.)(Brief Article)
National Underwriter Life & Health-Financial Services Edition, April, 2001 by Butler, Martha M.
Fitch has placed its 'AA ' insurer financial strength (IFS) ratings of American General Corporation (AGC) and its subsidiaries on Rating Watch Evolving. The rating action follows the announcement that American International Group, Inc. (AIG) has offered to acquire AGC in a stock transaction valued at approximately $23 billion.
AIG's offer to acquire AGC represents a competing bid to AGC's previously announced plans to merge with Prudential plc that occurred in March 2001. At that time, Fitch had affirmed all of its ratings on AGC and its subsidiaries.
This rating action reflects the uncertain outcome associated with the two competing bids and the possibility that other companies may enter additional bids for AGC. This places uncertainty in AGC's...
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