Certainly helped AIG stock today! Interesting read: https://www.investing.com/news/stock-market-news/chubb-reportedly-makes-takeover-offer-for-aig-stock-soars-93CH-4401708
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Ultimately if Chubb wants to acquire AIG, then there is little that can stop it from doing so. The question is why would Chubb want a company that is a very sad shell if its former self. Lexington is arguably the only semi-attractive asset but all of Lexington’s talent left for Berkshire a long time ago. As noted, AIG claims is a disaster with a miserable combined ratio and senior management that has no clue, including GL/auto field claims. Hard to see a reason why it would make sense to Chubb. Which means it will probably happen.
You cannot just fire everyone once a merger is announced or finalized. Hurried merger integrations are usually a disaster. They’re doing due diligence right now if the rumor is real. They’re hook that makes me think it’s real is the CEO of Chubb is Hank Greenberg’s son.
@b3 in some countries (not the USA) this sort of thing is heavily regulated. You have to move them, but can then legitimately do redundancies.
The lower down the chain you are, probably the safer your job is.
This has been in the making for a long time. Peter has an end date.
@b3 the last acquisitions by Peter Zaffino doesn't make much sense, maybe he wants to make AIG bigger quickly to avoid being bought and kicked out on the street?
God I hope it's fake news. A merge of this size with 2 companies that have basically the same business model and geographical distribution will create thousands of redundancies
Rumor has it that most of the staff will be let go after the takeover. Only a rumor.