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NewsAIA front-runner to buy ING's Malaysia, Thai insurance units
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AIA front-runner to buy ING's Malaysia, Thai insurance units
by hlk Tue 11 Sep 2012, 23:27
HONG KONG: Asian insurer AIA Group Ltd
has emerged as the front-runner to buy ING's Malaysia and Thailand
insurance operations, sources with knowledge of the matter said, in a
deal that could be worth about $2 billion.
AIA's purchase of
ING's Southeast Asian business would be a key step forward in the Dutch
group's long and complicated effort to auction off its Asia business.
Divesting
Malaysia and Thailand would be the first piece sold in ING's Asia
divestment plan, which was launched earlier this year. ING originally
had wanted to sell the whole Asia insurance operations, which has a
book value of 6.1 billion euros ($7.8 billion), to one buyer.
But
that hope faded after ING failed to attract a suitor for the entire
Asian piece, forcing the company to auction off its Asia group in parts.
AIA and ING declined to comment. The sources did not want to be identified as the discussions were confidential. - Reuters
has emerged as the front-runner to buy ING's Malaysia and Thailand
insurance operations, sources with knowledge of the matter said, in a
deal that could be worth about $2 billion.
AIA's purchase of
ING's Southeast Asian business would be a key step forward in the Dutch
group's long and complicated effort to auction off its Asia business.
Divesting
Malaysia and Thailand would be the first piece sold in ING's Asia
divestment plan, which was launched earlier this year. ING originally
had wanted to sell the whole Asia insurance operations, which has a
book value of 6.1 billion euros ($7.8 billion), to one buyer.
But
that hope faded after ING failed to attract a suitor for the entire
Asian piece, forcing the company to auction off its Asia group in parts.
AIA and ING declined to comment. The sources did not want to be identified as the discussions were confidential. - Reuters
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