NEW YORK (AP) — Global insurance company American International Group Inc. and the federal government are offering to sell a total of 300 million AIG shares to the public.

AIG and the government didn't specify a price for the shares in a regulatory filing on Wednesday. But 300 million shares of AIG were worth about $8.89 billion at Tuesday's closing price of $29.62.

AIG's shares rose $1.75, or 5.9 percent, to $31.37 in morning trading.

The stock sale would be a big step by the government to disentangle itself from AIG after spending billions of dollars on its rescue of the New York insurance company at the height of the financial crisis.

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