Ping An deal OK'd
By Zhang Fengming |
June 29, 2011, Wednesday
|
Print Edition
Print Edition
PING An Insurance (Group) Co, China's second-biggest insurer, yesterday said it has gained approval from China's top securities watchdog to gain a controlling 52.38 percent stake in Shenzhen Development Bank to consolidate its banking arm.
Ping An received the approval from the China Securities Regulatory Commission yesterday, it said in a filing to the Shanghai Stock Exchange.
Ping An was also waived from making a takeover bid.
The insurer earlier said it will pay 29.1 billion yuan (US$4.5 billion) for the controlling stake in the bank.
Ping An will pay 2.69 billion yuan in cash and hand over control of its banking unit, Ping An Bank, to Shenzhen Development in exchange for a 22.4 percent stake, according to earlier stock exchange filings.
Shenzhen Development will hold 90.75 percent of Ping An Bank after the deal.
Ping An received the approval from the China Securities Regulatory Commission yesterday, it said in a filing to the Shanghai Stock Exchange.
Ping An was also waived from making a takeover bid.
The insurer earlier said it will pay 29.1 billion yuan (US$4.5 billion) for the controlling stake in the bank.
Ping An will pay 2.69 billion yuan in cash and hand over control of its banking unit, Ping An Bank, to Shenzhen Development in exchange for a 22.4 percent stake, according to earlier stock exchange filings.
Shenzhen Development will hold 90.75 percent of Ping An Bank after the deal.
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