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’M&A hots up in Asian insurance
Insurance – and particularly life insurance – has become one of Asia’s hotbeds for M&A activity. Here are just some of the deals or bids reported in the last month or so alone:
The biggest – and as yet unresolved – bid is the unsolicited A$11bn ($10.2bn) bid by Axa and Australia’s AMP on November 9 for Axa’s majority-owned Asian business,
Chinatrust to buy AIG Taiwan stake
Chinatrust plans to pay $660m for a 30% stake in Nan Shan Life, Taiwan’s second-largest life insurer, after losing its bid to buy the business from AIG, reports Bloomberg. Chinatrust, Taiwan’s third-biggest financial company by market cap,
M&A is not even resting
Who said M&A activity was “resting” – if not dead (for now)? Indeed, even a month ago, deal-making worldwide was looking rather like Monty Python’s proverbial dead parrot.
In fact, as FT Alphaville recently noted,
Chinatrust may raise more cash
Chinatrust Financial said on Monday it was planning to raise more cash on top of a $1.34bn private placement announced on Friday, but declined to comment on reports it had outbid rivals for AIG’s Taiwan unit,
AIG: All in a weekend’s work
It’s nice to see AIG’s new chief executive Robert Benmosche get down to some old-fashioned deal-making, after recent headlines have focused overwhelmingly on the troubled insurer’s protracted and bitter battles over shareholder lawsuits.
Chinatrust bids $2.4bn for AIG unit
Chinatrust Financial, Taiwan’s top credit card issuer, offered $2.4bn for AIG’s Taiwan Nan Shan Life unit, outbidding rivals, reports Reuters. Primus Financial, which was competing with Chinatrust for Nan Shan,