A group of Chinese companies, including the country's largest bank Industrial and Commercial Bank of China (ICBC), is in talks to buy AIG's aircraft leasing business ILFC, Bloomberg reported on Friday.The bid by ICBC, New China Trust and others would value ILFC at about USD$5.5 billion, Bloomberg added.Bailed-out insurer AIG had been long waiting to float the company through an IPO, but poor market conditions forced it to delay the plans. An IPO could value the company at USD$6 billion - USD$$8 billion, media reports and analysts have estimated, but AIG chief executive Ben Benmosche said last month he was waiting for markets to improve to take the company public.ILFC has a portfolio of more than 1,000 owned or managed aircraft, and another 239 new fuel-efficient aircraft, including Boeing 787s and Airbus A320neos, on order. It also has the rights to purchase an additional 50 such aircraft.The leasing company has been looking for areas of growth and beefed up its presence in the Asia Pacific region by opening offices in Singapore and Beijing this year.ILFC reported last month operating income of USD$39 million in the third quarter, compared to an operating loss of USD$1.3 billion a year ago when it took USD$1.5 billion of impairment charges and fair value adjustments.Source: Reuters
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