Expect more of this as they sell off the $AER stake towards the end of this year……I’d expect the $2B to be completed by next spring at the latest
NEW YORK–(BUSINESS WIRE)– American International Group, Inc.(NYSE:AIG) today announced that its Board of Directors has authorized the repurchase of additional shares of AIG Common Stock with an aggregate purchase price of up to $2.00 billion. Since the end of the 2014 first quarter, AIG has repurchased approximately $418 million of shares of AIG Common Stock. AIGs aggregate remaining share repurchase authorization, inclusive of todays announced $2.00 billion authorization, is approximately $2.12 billion. Repurchases may be made from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions, or otherwise.
We are very pleased that the consummation of our sale of International Lease Finance Corporation and our strong capital position have allowed us to authorize this share repurchase, which enables us to return a portion of our sale proceeds directly to our shareholders, said Robert S. Miller, Chairman of the Board of AIG.