Posted on 07 Sep 2010
On Monday China Strategic Holdings Ltd. reported that the Taiwan's Ministry of Economic Affairs rejecting its planned purchase of American International Group's (AIG) Taiwanese life-insurance unit, Nan Shan Life Insurance Co, for $2.15 billion.
China Strategic received the formal notice after saying that AIG is in favor of ending the Nan Shan sale agreement to a consortium comprising China Strategic and Primus Financial Holdings Ltd. The statement said the consortium can appeal the ministry's decision within 30 days.
Last week, Taiwan's Financial Supervisory Commission rejected the deal because of doubts over China Strategic's financial strength and commitment to Nan Shan Life.