Charoen Pokphand (CP) Group, the conglomerate controlled by Thailand's richest man, Dhanin Chearavanont, yesterday said it completed the purchase of a stake in Ping An, China's second-largest life insurer.
The statement said the group's wholly owned subsidiaries received regulatory approval from the China Insurance Regulatory Commission to purchase Ping An Insurance's shares from HSBC Insurance Holdings Ltd and Hong Kong Shanghai Banking Corporation Ltd (HSBC Asia Pacific). In accordance with the terms of the transaction and purchase agreement, the CP Group paid the full purchase price to HSBC.
The green light from the commission came just hours before a deadline for approval and followed media reports that the deal might collapse.
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