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Kuwait commits $1bn to AIA IPO, says report

Kuwait Investment Authority, the Gulf state's soverign wealth fund, has committed $1bn to American International Group Inc for the IPO of its Asian unit, reported Financial Times. AIG "was forced" to lower its valuation to $30bn-$32bn from $35bn-$37bn in order to ensure the commitment from KIA and other "cornerstone investors", the report said.