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Manulifes Receives Support from Shareholders to Bid for AIG Asia Unit, Prudential Pulls Out

Posted on 09 Mar 2009

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Manulife Financial Corp. received support from several large shareholders to pursue a bid for American International Group Inc.'s Asian assets, the National Post reported.

Canada's biggest insurer received a positive response during meetings with institutional investors to gauge their response to a large purchase, the newspaper said today, citing unidentified people.

Manulife is among a handful of bidders for AIG’s Far East operations in an auction backed by the U.S. Treasury, the Post said.

British insurer Prudential has pulled out of the auction for the Asian business of AIG, the Sunday Times newspaper reported.

The paper said Prudential chief executive Mark Tucker believes the asking price of 7 billion pounds ($10 billion) was too high.