Macquarie Group and its Indian partner, Religare Enterprise, may already be out of the running in their joint quest to buy AIG Investments.
The Times of India reported yesterday that Religare joined with Macquarie in a bid for the investment management arm of American International Group, the insurance conglomerate sustained by the support of the US Treasury since last year.
Religare and Macquarie were separately in the hunt until a week ago, according to the newspaper. The two already have a wealth management joint venture in India.
The pair may be too late.
Bloomberg reported that Franklin Resources Inc and Crestview Partners LP are in joint talks to buy AIG Investment. The wire service described the talks as being "exclusive discussions".
AIG is looking to sell the investment business for US$500 million or more, slightly more than the revised joint bid from Religare and Macquarie if the Times of India report is on the money.