And the stupidity of it all is that he is bidding for daddy-in-law's stake! Somehow one can't help but believe that these 2 CBs are trying launder Sporns' blood and coffin money away!
http://www.btimes.com.my/Current_News/BTIMES/articles/taxa/Article/
Temasek expected to bid for AXA's stake in Chinese insurer
Published: 2009/11/03
<!--start tools pdf,email,print,font sizer --><TABLE class=tools cellSpacing=0 cellPadding=0><TBODY><TR><TD id=tmfont class=ticon>
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<TABLE cellSpacing=3 cellPadding=0 align=left><TBODY><TR><TD></TD></TR></TBODY></TABLE><TABLE cellSpacing=3 cellPadding=0 align=right><TBODY><TR><TD></TD></TR></TBODY></TABLE>HONG KONG: Singapore's state investor Temasek, Blackstone Group and KKR are among the firms expected to submit bids soon for AXA's stake in China's No. 4 life insurer Taikang, sources said, an investment AXA values at US$1.05 billion (US$1 = RM3.43).
First-round bidding for Beijing-based Taikang Life is due on Friday, with AXA expecting to close the deal before the end of this year, the sources, who are directly involved in the auction, told Reuters yesterday.
Taikang's total assets are worth US$28.12 billion, according to an auction-related document obtained by Reuters.
The sale document says that Taikang has a 7.9 per cent market share in China's life insurance market as of 2008, ranking Taikang No. 4 behind China Pacific Insurance (Group) Co Ltd, which is already partly owned by the US buyout giant Carlyle Group.
<TABLE cellSpacing=0 cellPadding=0 align=right><TBODY><TR><TD></TD></TR></TBODY></TABLE>The document also says that French insurer AXA's 15.6 per cent stake is worth US$1.05 billion and Taikang's 2008 net income reached US$247 million.
"This price is just for bidders' reference and I am pretty sure the final price can be higher than that as the competition for the deal among these big names like Temasek is going to be very tough," said one source.
AXA officials in Hong Kong, and private equity firms Blackstone and KKR were not immediately available for comment. Temasek said it did not comment on market speculation.
The sources told Reuters on October 22 that AXA had hired Morgan Stanley to advise on the sale.
According to the sale document, another Singapore investment fund, Government of Singapore Investment Corp, already owns 8 per cent of Taikang Life.
The sources and the person who provided the document, who was also directly involved in the auction, were not able to speak publicly about the process.
AXA is now the largest single shareholder of Taikang but the sources said AXA has little control over management decisions at Taikang and tensions between AXA and Taikang's current chairman and chief executive Chen Dongsheng, backed by other major Chinese shareholders, have been growing in recent years.
Chen and his associates owned a combined 14 per cent stake in Taikang, Citic Group and Sinopec, according to the document. - Reuters <!-- Zone Tag : Business Times Balloon Ad --><SCRIPT type=text/javascript>innity_pub = "c16a5320fa475530d9583c34fd356ef5";innity_cat = "NEWS,BUSINESS_FINANCE";innity_zone = "3665";innity_width = "260";innity_height = "230";innity_country = "MY";</SCRIPT><SCRIPT type=text/javascript src="http://cdn.innity.com/network.js"></SCRIPT><SCRIPT type=text/javascript src="http://avp.innity.com/synd/c16a5320fa475530d9583c34fd356ef5/3665/js/260/230/NEWS,BUSINESS_FINANCE/1257816601984"></SCRIPT>
http://www.btimes.com.my/Current_News/BTIMES/articles/taxa/Article/
Temasek expected to bid for AXA's stake in Chinese insurer
Published: 2009/11/03
<!--start tools pdf,email,print,font sizer --><TABLE class=tools cellSpacing=0 cellPadding=0><TBODY><TR><TD id=tmfont class=ticon>
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<SCRIPT type=text/javascript src="http://s7.addthis.com/js/152/addthis_widget.js"></SCRIPT> <!-- AddThis Button END --></CENTER></TD></TR></TBODY></TABLE></CENTER><TABLE cellSpacing=3 cellPadding=0 align=left><TBODY><TR><TD></TD></TR></TBODY></TABLE><TABLE cellSpacing=3 cellPadding=0 align=right><TBODY><TR><TD></TD></TR></TBODY></TABLE>HONG KONG: Singapore's state investor Temasek, Blackstone Group and KKR are among the firms expected to submit bids soon for AXA's stake in China's No. 4 life insurer Taikang, sources said, an investment AXA values at US$1.05 billion (US$1 = RM3.43).
First-round bidding for Beijing-based Taikang Life is due on Friday, with AXA expecting to close the deal before the end of this year, the sources, who are directly involved in the auction, told Reuters yesterday.
Taikang's total assets are worth US$28.12 billion, according to an auction-related document obtained by Reuters.
The sale document says that Taikang has a 7.9 per cent market share in China's life insurance market as of 2008, ranking Taikang No. 4 behind China Pacific Insurance (Group) Co Ltd, which is already partly owned by the US buyout giant Carlyle Group.
<TABLE cellSpacing=0 cellPadding=0 align=right><TBODY><TR><TD></TD></TR></TBODY></TABLE>The document also says that French insurer AXA's 15.6 per cent stake is worth US$1.05 billion and Taikang's 2008 net income reached US$247 million.
"This price is just for bidders' reference and I am pretty sure the final price can be higher than that as the competition for the deal among these big names like Temasek is going to be very tough," said one source.
AXA officials in Hong Kong, and private equity firms Blackstone and KKR were not immediately available for comment. Temasek said it did not comment on market speculation.
The sources told Reuters on October 22 that AXA had hired Morgan Stanley to advise on the sale.
According to the sale document, another Singapore investment fund, Government of Singapore Investment Corp, already owns 8 per cent of Taikang Life.
The sources and the person who provided the document, who was also directly involved in the auction, were not able to speak publicly about the process.
AXA is now the largest single shareholder of Taikang but the sources said AXA has little control over management decisions at Taikang and tensions between AXA and Taikang's current chairman and chief executive Chen Dongsheng, backed by other major Chinese shareholders, have been growing in recent years.
Chen and his associates owned a combined 14 per cent stake in Taikang, Citic Group and Sinopec, according to the document. - Reuters <!-- Zone Tag : Business Times Balloon Ad --><SCRIPT type=text/javascript>innity_pub = "c16a5320fa475530d9583c34fd356ef5";innity_cat = "NEWS,BUSINESS_FINANCE";innity_zone = "3665";innity_width = "260";innity_height = "230";innity_country = "MY";</SCRIPT><SCRIPT type=text/javascript src="http://cdn.innity.com/network.js"></SCRIPT><SCRIPT type=text/javascript src="http://avp.innity.com/synd/c16a5320fa475530d9583c34fd356ef5/3665/js/260/230/NEWS,BUSINESS_FINANCE/1257816601984"></SCRIPT>
