AIG sells stake in City Airport
AMERICAN International Group has sold its shares in London City Airport.
The insurance giant, which was recently bailed out by the US government, agreed to sell to majority stakeholder Global Infrastructure Partners.
The news was revealed this weekend and follows rumours of job cuts at the airport due to AIG's problems.
AIG has reportedly sold its 25 per cent stake for £250million to the GIP group that is made up of Credit Suisse and General Electric.
London City was bought for just under £750million at the end of 2006 by the two groups. GIP now owns 100 per cent of the airport.
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