?American International Group?Inc.?AIG?+2.59%?is in talks to sell a controlling stake in its plane-leasing unit to a Chinese-led consortium for more than $5 billion, according to a person with knowledge of the situation.
The move would mark the second time that the U.S. financial-services group has tried to sell all or part of its International Lease Finance Corp. unit, and it filed last year for an initial public offering of a business deemed as non-core.
The proposed sale of a controlling stake in ILFC, the world?s second-largest jet leasing company by assets after the Gecas unit of?General Electric?Co.?GE?-0.35%? would also be the latest in a string of Chinese investments in the U.S.?and among the largest.
The bidding group, led by New China Trust Co., also includes the?Industrial & Commercial Bank of China?Ltd.,?601398.SH?+0.26%?or ICBC, and the China Aviation Industry Fund, the person with knowledge of the situation said. New China Trust is 20% owned by?Barclays?PLC.?BARC.LN?+0.16%
ICBC is an established player in aircraft finance, and Bank of China also has a fast-growing Singapore-based aircraft leasing business.
The AIG talks were previously reported by Bloomberg News, which said ILFC?s management would participate in the transaction as well. A deal isn?t imminent, the person with knowledge of the situation said.?
Source: http://ibankcoin.com/news/2012/12/07/aig-in-talks-to-sell-control-of-aircraft-leasing-unit/
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