HSBC Holdings PLC and the Thai company buying its $9.39 billion stake in China’s Ping An Insurance (Group) Co. won approval from Chinese regulators for the larger part of the deal, ending weeks of skepticism that the sale would be completed.
British bank HSBC had said on Dec. 5 that it reached an agreement to sell its entire 15.57% stake in Ping An to Thai agribusiness conglomerate Charoen Pokphand Group, the deal to be partly financed by a loan from state lender China Development Bank. But within days, China Development Bank was considering pulling its financing over concerns that an investor other than the Thai company was involved in the transaction, people with direct knowledge of the matter have said.
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Alison Tudor, Wall Street Journal via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/bnbwJ_EnTMM/
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