Taiwanese diplomat plans for Nan Shan counter bid

Speaking with local media, Wang said he sought to "save" Nan Shan from Hong Kong-based China Strategic and Primus, which he dubbed the "two Hong Kong vultures." The consortium offered $2.2 billion for the company, which insures approximately one-sixth of Taiwan's population. Though Wang did not announce who his Japanese and Qatari partners would be in the endeavor, reports suggested he would be working with Japan's Firix Partners Co. and the Qatar Investment Authority. He did note that $900 million of the total bid would come from the Japanese investors while $1.25 billion would be from the Middle East. The remaining figure would come from Taiwanese banks.

Taiwanese regulators are in the last stages of their review of Hong Kong-based firms' bid, coming 10 months after the group first voiced its interest in acquiring the branch from the embattled American insurer. The process was stalled due to a myriad of concerns ranging from the consortium's inexperience in the insurance business to the firms' political ties with China.

Wang, who has additional experience as a former trade representative for Taiwan in Switzerland, make its offer if the $2.2 billion bid is rejected. A decision may come as early as next month. Taiwanese bank Chinatrust Holdings also said it would make a bid if the Chinese consortium failed.

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• Topics
• Buyouts
• Financials
• Greater China
• Primus Pacific Partners