Thai Group Slams Reports Of Trouble For $9.4B Ping An Sale

Law360, New York (January 11, 2013, 3:47 PM EST) -- The Thai investment group behind a $9.4 billion bid for a stake in HSBC Holdings PLC’s Chinese insurance unit on Friday insisted it had deep enough reserves to finance the transaction, blasting news reports earlier in the week that suggested the deal was in trouble.

Charoen Pokphand Group Co. Ltd. agreed last month to swallow up HSBC’s 15.6 percent stake in Ping An Insurance Group Co., giving it a major foothold in China’s insurance and financial services sectors.

But rumors bubbled up on Wednesday that the...
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