Yahoo Finance China’s Ping An Insurance Eyes Prudential’s Asian Operations
Investing.com – Chinese insurance giant Ping An Insurance (HK:2318) is considering acquiring the U.K.-based Prudential Plc's (LON:PRU) Asian business, which could be valued at $51.5 billion, Bloomberg reported on Thursday, citing people familiar with the matter.
The Chinese firm is reportedly asking for the government’s support in the potential deal and has discussed financing options with banks, the article noted, adding that Prudential has not been approached at this stage.
Bloomberg then added that the Eastspring asset management unit, Prudential’s Asian unit, could become Ping An’s largest acquisition in history and likely the biggest Chinese overseas deal in a year.
Ping An cash and equivalents stood at $81 billion as of March. The company’s shares plummeted 13% this year in the Hong Kong Stock Exchange market, while its market value shrank to $160 billion.
It reported in early July that the firm was also interested in purchasing bio-pharmaceutical company China Biologic Products Holdings Inc.
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