Carl Icahn to Solicit Shareholder Support for AIG Breakup

Carl Icahn said he intends to begin a consent solicitation to give shareholders at American International Group Inc. the chance to express their views, a move he hopes will offer a mandate to force the insurer to consider his breakup plan.

The activist investor, who said he owns more than 42 million AIG shares, is pushing the giant insurer to pursue a split into three separate companies. A key part of his case is that if AIG were split up, each of the companies would be small enough to avert the "systemically important financial institution" designation.

In a statement released on his website Monday, Mr. Icahn said it has become "abundantly clear" in talks with AIG Chief Executive Peter Hancock that he isn't willing to "sincerely consider" the breakup plan.

Mr. Icahn said his consent solicitation may include a proposal to add a new director who would agree in advance to succeed Mr. Hancock as CEO if asked by the board to do so.

Write to Anne Steele at [e-mail]

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(END) Dow Jones Newswires

November 23, 2015 09:45 ET (14:45 GMT)

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