News: Deals: Reports

Fortis Investments & Ping An Insurance(Group)Co of China Ltd	Update Date: 06/17/08
Date Announced: 03/19/08
Value (million $USD): 3.36 billion U.S. Dollar 2.15 billion EURO

Status: Pending

TRANSACTION DETAILS
Date Announced	03/19/08
Date Originally Announced	03/13/08
Format	Acq. Maj. Int.	Acquisition techniques	Divestiture; Rumored Deal
Attitude	Friendly	Agency	Unspecified Regulatory Auth.
Value	3.36 billion U.S. Dollar 2.15 billion EURO	Advisor Fees	n/a

SYNOPSIS

BELGIUM - Ping An Insurance (Group) Co of China Ltd (PA) signed a Memorandum of Agreement {MoU} to acquire a 50% stake, in Fortis Investments (FI), a Brussels-based provider of investment management services, from Fortis Group NV, for 2.15 bil euros ($3.359 bil US). Upon completion, FI was to be renamed Fortis Ping An Investments. The transaction was subject to regulatory approvals. Originally, PA was rumored to be planning to acquire FI.

TARGET
Name	Fortis Investments
Industries	Management investment offices, open-end; Investment offices, nec; Investors, nec
City	Brussels
State	n/a
Nation	Belgium
Incorporated in	n/a
Public Status	Subsidiary
Business Description	Fortis Investments, located in Brussels, Belgium, provides investment management services for its institutional, retail and private clients. The company was founded in 1999.
Advisors	Merrill Lynch & Co Inc
Target Sales	n/a

ACQUIROR
Name	Ping An Insurance(Group)Co of China Ltd (Hong Kong : 2318)
Industries	Accidental and health insurance; Fire, marine, and casualty insurance; Surety insurance; Security and commodity services, nec; Land subdividers and developers, except cemeteries
City	Shenzhen, Guangdong Province
State	n/a
Nation	China
Incorporated in	n/a
Public Status	Public
Business Description	Ping An Insurance (Group) Co of China Ltd is an insurance company, headquartered in Shenzhen, Guangdong Province, China. The company provides life and general insurance underwriting services. Its products include property, casualty, automobile, commercial property, homeowners, cargo, liability, hull, accident and health insurance. Its other activities include investment in securities, banking and management and development of properties. Its operations are carried out in People's Republic of China and Hong Kong. The company was founded in 1988.
Advisors	JP Morgan & Co Inc
Acquiror Sales	18.79 billion U.S. Dollar 137.05 billion Chinese Yuan

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