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Updated Saturday, November 22, 2008 12:03 am TWN, AFP

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China in talks to buy stake in AIG unit

TOKYO -- A consortium led by China’s sovereign wealth fund is in talks with struggling US insurance giant American International Group to acquire a stake in one of its units, a Japanese daily reported Friday.

The purchase would open the door for future capital and business tie-ups between AIG and Chinese investors, paving the way for the Asian giant to become a major player in the global insurance market.

AIG and China Investment Corp. aim to reach a conclusion by the end of this year, the Nikkei business daily reported, without naming its sources.

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