Nov 22 (Reuters) - First-round bids for American International Group's (AIG) Taiwan unit, Nan Shan Life, are expected soon after due diligence ends in early December, as the bailed out insurer restarts a sale process that has dragged on for over a year.
Following is a chronology of the sale process:
Oct 13, 2009: AIG agrees to sell Nan Shan to conglomerate China Strategic Holdings and investment firm Primus Financial for $2.15 billion, with the deal subject to regulatory clearance and a July 12, 2010, deadline for completion.
Nov 17, 2009: Losing bidder Chinatrust Financial, after considering a legal challenge, agrees with China Strategic to take a 30 percent stake in Nan Shan when the deal is approved and to sell a 9.95 percent stake in itself to China Strategic.
Nov 26, 2009: The then-head of regulator Financial Supervisory Commission tells Chinatrust to "think carefully" about its deal with China Strategic, warning it might complicate the Nan Shan deal review process.
Jan 12, 2010: Buyer group formally submits documents to Taiwan's Investment Commission, kicking off the regulatory review process.
March 11, 2010; In an unusual move, Taiwan's parliament discusses the deal, highlighting its politically sensitive nature. Protesters outside parliament oppose Chinese involvement and call for their jobs to be protected.
June 5, 2010: China Strategic Chief Executive Raymond Or says he has quit his post on China's top political advisory body to avoid any further delays on the bid.
June 11, 2010: AIG and the buyer group put $325 million in an escrow account for four years to serve as extra capital for Nan Shan, a move seen as another attempt to kick-start the regulatory process and soothe concerns.
June 21, 2010: Buyers extend the deadline of the deal by three months to Oct. 12. China Strategic's Or says the company is doing its best to meet constant demands for information from regulators.
June 25, 2010: Chinatrust's agreement for a stake in Nan Shan expires and China Strategic decides not to pursue it further, saying it has complicated the review process.
July 6, 2010: Chinatrust says it would bid again for Nan Shan if the China Strategic deal is not approved.
July 9, 2010; China Strategic CEO Or announces he will not take a seat on Nan Shan's board.
Aug 11, 2010: AIG CEO Robert Benmosche visits Taiwan's financial regulators. No details released.
Aug 30, 2010: A former Taiwanese diplomat, who says he wants to "save" Nan Shan from being bought by a Chinese firm, claims to be lining up a $2.5 billion bid with Japanese and Middle Eastern money.
Aug 31, 2010: Taiwan regulators reject China Strategic/Primus bid on grounds the two did not meet criteria on experience in the insurance business and an ability to raise funds for future operations.
Sept 20, 2010: Buyers formally terminate sale process, deciding not to appeal regulators' decision.
Oct 1, 2010: AIG appoints Richard Bender, chief agency officer of its AIA unit in Hong Kong, as new acting head of Nan Shan.
Nov 12, 2010: AIG says it hopes to sell Nan Shan within two months after discussion with regulators.
Nov 22, 2010: Four bidders invited to conduct due diligence, with bids likely after the process ends in early December. Bidders are Chinatrust Financial, Fubon Financial, Cathay Financial and the chairman of Ruentex Group who is bidding as an individual. (Reporting by Faith Hung; Editing by Jonathan Standing)