Deals
A Chinese Fight for Life
Mainland firms' battle to acquire a Hong Kong insurer underlined concern over the falling yuan.
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A Hong Kong life insurer that didn't make the city's top 20 by premiums in 20141464918181072 seems an unlikely target of a bidding battle. The fight that at one point drew 30 interested parties owed everything to the allure of a bridge to China.
Dah Sing Financial Holdings agreed to sell its life-insurance operations in the city to China's Thai Hot Group for about $1.4 billion, five months after saying it was exploring options for the business. At least four other Chinese companies were vying for the unit in the final round of bidding.