Taiwan Vice Premier Chen says private equity firms are welcome
Taiwanese Vice Premier Sean Chen has publicly stated that the government welcomes the participation of private equity funds that act as strategic investors to bring improvements in production and management expertise to Taiwanese companies.
Chen also referenced the traditional “vulture” culture of a focus on returns and money alone, saying this type of behavior would not be tolerated in Taiwan. His statement comes on the heels of speculation about the reasons for the rejection of the Primus Financial Holdings-led consortium bid for Nan Shan Life Insurance, rumored to be partly because of the private equity component. Others speculated that, to allow purchase of a group like Nan Shan, the regulators would want to see decades of insurance experience, which the consortium did not have.
Chen said that the role of private equity funds was changing, and that, with the considerable activity in M&A across Asia, Taiwan fully embraced private equity firms as true business partners; however, this did not include those that would make a profit at the expense of the investee company.
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