China's Anbang Insurance Group has agreed to pay 1.13 trillion won ($998 million) to take a controlling stake in South Korean's eighth-largest life insurer Tong Yang Life Insurance, Tong Yang said on Tuesday.
Anbang Insurance Group
Breaking News
Dutch insurer Delta Lloyd NV (DLL.AS) has agreed to sell its Belgian banking operations to China's privately-held Anbang Insurance Group for 219 million euros ($273 million).
Hilton Worldwide Holdings Inc (HLT.N) said it would sell its flagship Waldorf Astoria New York hotel to a Chinese insurance company for $1.95 billion, one of the highest prices per room ever paid for a U.S. hotel.
The $2.1 billion stake acquisition of Anbang Insurance Group in China Merchants Bank Co has added to the speculation that the insurer is no longer interested in acquiring Hong Kong-based Wing Hang Bank Ltd.
Owners of Hong Kong lender Wing Hang Bank Ltd. had received preliminary bids for its sale. It has engaged Goldman Sachs Group Inc. to advise it on the deal. Wing Hang plans to sell the company for USD4.5 billion.
The following bids, mergers, acquisitions and disposals were reported on Friday including Statoil, Cassa Depositi e Prestiti, ThyssenKrupp, Mercator, Avivasa Emeklilik, Hayat Sigorta, Banca Monte dei Paschi di Siena, Telus Corp, Atrium Innovations and John Hardy
Sources told Bloomberg that Beijing-based insurance firm Anbang Insurance Group was thinking of offering a bid for Hong Kong's Wing Hang Bank Ltd even though an Anbang press official said the company has no plans to purchase the lender.
