Two of the country’s richest families are bidding for ownership and control of Philippine American Life and General Insurance Co. (Philamlife) and its subsidiaries, the prized Philippine assets of financially-troubled US insurer American International Group (AIG).
Sources said Banco de Oro Unibank (BDO), the main banking arm of the Sy family’s SM Group, in partnership with Italy’s Assicurazioni Generali SpA, along with the tandem of the Ayalas and Prudential Life of the UK, have submitted their formal offers to beat the final deadline yesterday, which was actually extended from the original Feb. 23 deadline.
The same sources, however, could not confirm whether Canadian insurance giant Manulife Financial – the only other bidder in the running – made the deadline or had backed out from the auction.
The actual bid offers were not disclosed but the sources indicated they were all “within the range” of the reported P36-billion asking price of AIG. [Read full article...]