For much of the past year, the saga of AIG’s attempt to sell Nan Shan, its Taiwanese life insurance unit, revolved around a futile battle for regulatory approval for its sale to Primus Financial.
But with AIG now putting Nan Shan back on the block, the question is: will anybody match Primus’s $2.1bn failed offer. There are no shortage of sceptics, among them Moody’s, the ratings agency.
Sally Yim, a senior Moody’s analyst, says in a scathing report this week that there is little financial reason for any of the current four potential suitors - local groups Cathay Financial, Chinatrust, Fubon and the conglomerate Ruentex Group - to buy Nan Shan.