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Bloomberg: New China Trust Pulls Out of Bid for ILFC

August 22, 2013, 06:59 AM
Filed Under: Industry News

Bloomberg reported that New China Trust Co., which led a Chinese investor group in a $4.2 billion bid for American International Group Inc. (AIG)’s aircraft-leasing unit (ILFC), pulled out of the deal on concern its ties with a Chinese regulator would prompt added scrutiny, said people with knowledge of the matter. According to the report, New China Trust left the investor group in late May.

According to the Bloomberg report, the National Development and Reform Commission (NDRC), China’s top economic planning agency, owned a stake in New China Trust’s majority shareholder until last year and the NDRC had indicated to the bidding group that New China Trust’s presence might give the impression of a conflict of interest because NDRC approves all major overseas acquisitions, two of the people said.

To read the full Bloomberg report, click here.


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