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Actionable news in AIG: AMERICAN INTERNATIONAL GROUP Inc,

Icahn Sees ‘Eye-to-Eye’ With AIG’s Chief After $3.4 Billion Deal

  • Accord with CEO doesn’t mean they’ll share Christmas dinner
  • Activist says he’d like to see sale of some of Japan business

Carl Icahn, who won representation to the board of American International Group Inc. after threatening a proxy battle, said he’s warming to the approach of the insurer’s chief executive officer.

“Peter Hancock and I don’t see eye-to-eye on everything, but I really think that he and I see eye-to-eye on what they should be doing at AIG,” Icahn said Tuesday in an interview on Bloomberg Television. “I supported him just recently, when a few people were really wanting me to really go to battle.”

Icahn applauded AIG’s agreement on Monday to sell its mortgage guarantor for $3.4 billion. He said Hancock should focus on buying back shares, exiting lower-performing businesses and selling some life insurance assets, which is the strategy the CEO has been pursuing. The praise marks a shift from February, when the activist faulted Hancock’s plan as inadequate and said he lacked the skill to turn around the company.

Later that...


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