Some of Wall Street's top bankers descended on the offices of a law firm in midtown Manhattan yesterday to pitch for what could be one of the largest share sales in history – a secondary offering for bailed-out insurer American International Group (AIG).
Bankers including Morgan Stanley's chief executive James Gorman and JP Morgan's Jamie Dimon came and went throughout the day to make their case for managing a share sale that could exceed $20bn. It is expected to net the winning bank fees of $150m.
After a recapitalisation deal closes today, the US will own 92.1 per cent of AIG. The US government rescued AIG in September 2008 in a bailout that topped $182bn.
The first share sale is expected to take place after AIG files first quarter results in mid-May, although it is possible it could take place as soon as March if conditions are right.Reuse content