Deals and Operations
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DEALS AND OPERATIONS
International law firm Freshfields Bruckhaus Deringer is advising a consortium of investors led by Ruentex Group on the US$2.16 billion acquisition of Taiwan’s third biggest insurer, Nan Shan Life Insurance Co. from American International Group. The consortium is made up of Ruentex Group, a Taiwanese conglomerate engaged in textiles, construction, finance, medical services, education and retail, and Pou Chen Corp, a Taiwanese footwear manufacturer. Together, they are buying AIG’s 97.6 percent stake in Nan Shan Life. The transaction is subject to receipt of regulatory approvals in Taiwan. The sale is part of a wider divestment project by AIG to reimburse the US government and taxpayers since receiving emergency payouts following the global financial crisis. Commenting on the deal, Freshfields partner Heiner Braun said, “We are delighted that we were able to help our client Ruen Chen succeed in a very competitive bidding process. This transaction underlines the strength and depth of our Greater China and pan-Asia M&A practice, in particular in the insurance and financial services sector." The Freshfields team was led by Freshfields’ Asia regional managing partner Robert Ashworth and Shanghai-based corporate partner Heiner Braun, assisted by Hong Kong-based corporate associates James Cameron, Andrew Wood and Denise Bauer.
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