AXA ups Taikang sale tranche
French insurance giant AXA has reportedly increased the stake it is offering to private equity and strategic buyers in Taikang Life, one of its major PRC insurance holdings, from the previous 15.6% to 19.9%. Other non-Chinese investors, including the Government of Singapore Investment Corporation, which owns 8% of Taikang Life, are being cited as possible sources for the extra shares in the stake sale, valued at some $1 billion even with the smaller stake size. The Blackstone Group, Kohlberg Kravis Roberts & Co., and Temasek Holdings have been reported as potential bidders, though the larger deal size could trigger consortium bids. Morgan Stanley is advising AXA on the sale.
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