Friday, June 17, 2011

The sale of Nan Shan Insurance

l  After two previously failed bids and months of speculation, the Taiwan unit of US insurance giant American International Group (AIG)—Nan Shan Life Insurance Company—has received a conditional approval for the transfer of 97.57 percent stake to its new buyer, Ruen Chen Investment Holding Company.

l  Ruen Chen, a joint venture of Ruentex Group (TaiEx 9945) and Pou Chen (TaiEx 9904) corporation, petitioned in February to buy the majority stake in Nan Shan for US$2.16 billion. It was not until mid-June that Taiwan's Financial Supervisory Commission (FSC) gave its conditional approval of the sale.

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