American International Group Inc. (AIG) says it has moved a step closer toward being able to repay the federal government for help received during the recent credit market crisis.
MetLife Inc., New York (NYSE:MET), has given AIG, New York (NYSE:AIG), permission to sell the MetLife securities that AIG acquired when it sold American Life Insurance Company.(ALICO) to MetLife.
MetLife bought ALICO for $7.2 billion in cash and $9 billion in stock in November 2010.
AIG emerged with about 78 million shares of MetLife common stock; shares of MetLife preferred stock that are equivalent to about 69 million shares of MetLife common stock; and MetLife equity units with a value of $3 billion that can be converted into about 68 million shares of MetLife common stock.
AIG sold the 78 million shares of MetLife common stock to the public, and MetLife sold about 69 million of its own shares of its own common stock to the public.
AIG also offered 40 million MetLife common equity units.