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Comment (LONDON/NEW YORK (Reuters) - Prudential Plc (PRU.L) and Manulife Financial Corp (MFC.TO) made preliminary offers for American International Group Inc's(AIG.N) Asian unit, but Prudential's offer fell short for what AIG wants for the business, sources familiar with the matter said.
Chinese insurer China Life Insurance Co Ltd (601628.SS), which was seen as another large potential bidder, pulled out of the auction for the unit, American International Assurance Co (AIA), on worries about the quality of the business, a company official said on Tuesday.
"We are no longer bidding for AIA. AIA's asset quality, business direction and brand have all changed," China Life Chairman Yang Chao said.
Prudential offered a "modest price," but its expression of interest did not meet the seller's pricing expectations, a person familiar with the matter said.
The status of Manulife's bid was not immediately known. AIG, Prudential and Manul...
