AIG CHAIRMAN HOPES FOR AGREEMENT ON CHIYODA ACQUISITION

Maurice Greenberg, the chairman of US-based insurer AIG, has said that he hopes to reach agreement in a month to acquire failed Japanese insurer Chiyoda Mutual Life Insurance. He was quoted today by Nihon Keizai newspaper as saying that AIG and Chiyoda’s administrators remained divided over how to value Chiyoda’s liabilities. Mr Greenberg added, however, that he was “very optimistic” about reaching an agreement with Chiyoda. Last week, Chiyoda’s administrators postponed submission of a rehabilitation plan for the company until the middle of this month.