August 02, 2010 at 08:00 PM
MetLife Inc. says it hopes to use $6.8 billion from a pending stock sale to pay for a unit of American International Group Inc.
MetLife, New York (NYSE:MET), is raising the cash with an public offering of 75 million shares of common stock that started today.
MetLife is in the process of acquiring a major Asian insurance business, American Life Insurance Company, from AIG, New York (NYSE:AIG).
In addition to selling the common stock, MetLife is offering about $3 billion in senior debt.
“The remainder of the cash portion of the purchase price for the acquisition will be funded with cash on hand,” MetLife says.
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