Primus, China Strategic formally end Nan Shan bid in Taiwan
Hong Kong-listed China Strategic Holdings and financial investor partner Primus Financial Holdings have announced the formal termination of their $2.2 billion acquisition agreement for Taiwan’s Nan Shan Life Insurance effective Sept 20.
This final decision was made after Taiwan's regulators blocked the bid for Nan Shan from the consortium, stating that both did not have experience in the insurance industry and lacked the ability to raise capital for future operations.
The third largest life insurer in Taiwan by market share, Nan Shan was put up for sale by its parent American Insurance Group. So far, none of the suitors who have shown interest in the insurer have fulfilled policy-makers' requirements. However, the asset could still go to local strategics such as Cathay Financial and Chinatrust, with the latter already indicating it would bid for the asset again if it became available.
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