In a Securities and Exchange Commission filing made last Friday, Marice “Hank” Greenberg reported his intention to sell his nearly 12.9 million shares in American International Group Inc. (AIG) to Starr International Co. The deal was expected to close for approximately $1.25 a share. Starr International may also buy about 47 million shares held by additional Greenberg-run firms and trusts, Bloomberg reports.

As head of Starr International and one of 12 voting shareholders of the privately held investment vehicle, Greenberg would have virtually no direct economic interest in AIG, save for 71,000 shares held by family trusts, reports the Wall Street Journal.

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