Anbang Insurance Group Co. is planning an initial public offering of its life-insurance unit, a move that could increase disclosure at the opaque Chinese insurer that made an aborted $14 billion bid for Starwood Hotels & Resorts Worldwide Inc. earlier this year. According to The Wall Street Journal, the Beijing-based insurer has in recent weeks had discussions with investment banks about an IPO of Anbang Life Insurance Co., according to people familiar with the situation. The unit could list by the middle of next year in Hong Kong, one of the people added. Anbang has spent billions of dollars in recent years in a global acquisition spree. It paid $1.95 billion to buy the Waldorf Astoria hotel in Manhattan last year.
You must log in to post a comment.