HONG KONG — Charoen Pokphand Group said on Friday that it had the resources to complete a planned purchase of a $9.4-billion stake in China's Ping An Insurance, amid concern that the acquisition will fail.
"The transaction is still under consideration by the China Insurance Regulatory Commission and we confirm that if approval is received from the CIRC (China Insurance Regulatory Commission), the CP Group has the necessary resources," the Bangkok-based company said in an e-mailed statement on Friday.
HSBC Holdings Plc agreed on Dec 5 to sell its 15.6% holding in Ping An to four subsidiaries of CP Group in two phases. The first stage, comprising shares valued at about HK$15 billion (US$1.9 billion), was scheduled for Dec 7.
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