AIG to sell MetLife stock earlier than planned

By @ibtimes on

American International Group Inc will sell MetLife Inc shares it received in the 2010 sale of American Life Insurance Co to MetLife earlier than originally planned, the company said on Tuesday.

MetLife and AIG have agreed to waive some provisions of the original agreement to allow AIG to sell the common stock and equity units in an underwritten secondary share offering. AIG said it would use the proceeds to speed up its payments to the U.S. Treasury Department.

MetLife plans to sell 68.6 million common shares, Alico plans to sell 78.2 million MetLife shares and AIG will offer 40 million common equity units of MetLife.

MetLife plans to use the proceeds from the secondary offering to buy back 6.9 million contingent convertible preferred shares owned by AIG.

(Reporting by Alina Selyukh; Editing by Bernard Orr)

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