Finance / China
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Ping An Will Buy 50% In Fortis Investment
April 2008 | M&A News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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China's Ping An Insurance and Belgium-Dutch Fortis have finalised a deal to set up a global asset management partnership. Ping An has agreed to buy a 50% stake in Fortis Investments, the asset management arm of Fortis, for EUR2.15bn (US$3.36bn). The announcement follows the signing of a memorandum of understanding (MoU) on March 19 between the two companies outlining their partnership.