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Paper: Sept. 11 Aftershocks Crimp AIG Acquisition Effort In Korea

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NU Online News Service, Nov. 2, 12:20 p.m. – Dong A Il Bo, a Korean newspaper, is raising doubts about whether a consortium led by American International Group Inc., New York, will really take over Hyundai Securities, Seoul, an insolvent brokerage.

One company that had belonged to the consortium recently walked away, citing the deterioration of the global investment environment since Sept. 11, and AIG appears to be stalling, the newspaper reports, citing information from unnamed sources.

The AIG-led consortium, which includes at least five investors, signed a “framework agreement” earlier this year indicating that the consortium would buy Hyundai Securities and two other units of the Hyundai Business Group for $848 million.