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KKR, BlackRock in talks to buy stake in China Huarong - sources

Reuters
A BlackRock building is seen in New York June 12, 2009. BlackRock has agreed to buy Barclays Global Investors to create the world's biggest asset manager, BlackRock Global Investors, in a $13.5 billion deal that British bank Barclays hopes will put to rest concerns about its capital. REUTERS/Eric Thayer

HONG KONG (Reuters) - KKR & Co (NYS:KKR) and BlackRock Inc (NYS:BLK) are among the investors in talks to buy a stake in China Huarong Asset Management Co Ltd as the bad debt manager seeks to raise more than $2 billion, people familiar with the matter told Reuters.

Reuters previously reported that Huarong was planning to sell a stake of between 15-20 percent to strategic investors ahead of an eventual listing of China's biggest asset management company.

Other investors in talks to buy a pre-IPO stake in Huarong are private equity firms Blackstone Group (NYS:BX) and Bain Capital, the people said. Sovereign wealth funds from Asia and the Middle East are among the around 20 investors preparing to submit first-round offers by mid-February, they said.

Blackstone, BlackRock and KKR declined to comment. Bain could not be reached for comment. A Huarong official said the company has been talking with investors, but they have not selected any.

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The sources declined to be identified as the process was private.

(Reporting by Stephen Aldred and Denny Thomas; Additional reporting by Bi Xiaowen and Nishant Kumar; Editing by Michael Flaherty and Matt Driskill)