CP's Ping An deal approved
- Published: 1 Feb 2013 at 19.11
- Online news:
BEIJING Chinese regulators have finally cleared the US$7.4-billion sale to Thailand's CP group by HSBC Holdings of its stake stake in Ping An Insurance (Group) Co, ending six weeks of speculation over the deal's fate.
CP and HSBC said payment was made in cash after the China Insurance Regulatory Commission approved the sale of 976.1 million Hong Kong-traded shares in the country's second-largest insurer. The transfer would take place by Wednesday, HSBC said in a separate statement.
The transaction will generate a $2.6-billion profit for London-based HSBC, bolstering CEO Stuart Gulliver's efforts to revive earnings.
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