AIG to Sell Remaining AerCap Shares
August 18 2015 - 7:40PM
Dow Jones News
American International Group Inc. on Tuesday filed documents to
sell its remaining 10.7 million shares in aircraft-leasing company
AerCap Holdings NV as part of its exit from aircraft leasing.
The insurance company, which held a 5.4% stake in the Dutch
company as of June 30, had already sold most of its AerCap shares
in a secondary public offering June 9.
AIG bought about 97.6 million shares—roughly 46% of AerCap's
ordinary shares—when it sold its plane rental business to AerCap in
a cash and stock deal valued at $7.6 billion at the time.
AIG, which received one of the largest financial-crisis taxpayer
bailout packages, repaid the $185 billion aid package in 2012 and
has since returned to profit as a more narrowly focused
insurer.
In the most recent period, it reported a 5.4% increase in
operating profit, topping the Wall Street consensus, though its net
income fell 41%. The year-earlier results had been bolstered by the
sale of the aircraft-leasing business.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 18, 2015 19:25 ET (23:25 GMT)
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