US-AIG may give up control of Asia unit: sources/Shares of AIG tumbled 25 percent

[seemslikeadream]

http://uk.reuters.com/article/marketMovers/idUKN2440645520090224



U.S. stock market report <.N> 1043 ET 23Feb2009-AIG may give up control of Asia unit: sources
American International Group (AIG.N) may be willing to give up control of its prized Asian division, said sources with direct knowledge of the matter on Tuesday. The unit is worth about $20 billion.

The move comes as the company faces massive losses and is seeking additional funds.

According to the sources, AIG may consider a bid for a majority stake in American International Assurance Company Ltd if buyers submit a compelling offer. Previously, the company had been determined to cap the stake sale at 49 percent.

Shares of AIG tumbled 25 percent to 40 cents on Tuesday.

Reuters Messaging: [email protected] 1038 ET 23Feb2009-Bernanke says strong action needed to end crisis