Fosun Withdraws Bid for AIA

An investment consortium led by Fosun Group withdrew August 12 from a bidding process for a 30 percent stake in AIA, American International Group's Asian life-insurance unit.

People familiar with the matter confirmed the withdrawal.

AIG, bailed out by the U.S. government in 2008 and now majority-owned by the government, kick-started the stake sale earlier this week. Investment consortiums led by Fred Hu, former partner of Goldman Sachs (China), and Shan Jianwei, chairman of Pacific Alliance Group, also participated in the bidding. AIA hopes to raise US$ 10 billion in the stake sale ahead of the IPO.