American International Group Inc. has had to lower its valuation for an initial public offering of its AIA Group Ltd. unit in Hong Kong in order to ensure a $1 billion commitment from the Kuwait Investment Authority and other “cornerstone investors,” the Financial Times reported, citing people familiar with the matter.
AIG had to abandon a plan to sell shares in its Asia unit that would value AIA at $35 billion to $37 billion and after extensive discussions, KIA has signed up to the share sale on the basis that AIA will be valued at between $30 billion and $32 billion, the FT said.
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