Deals
China Life Endorses Wanda Commercial’s $4.4 Billion Buyout Bid
This article is for subscribers only.
Billionaire Wang Jianlin clinched the endorsement of China’s biggest insurer on his plans to buy out all outstanding Hong Kong-listed shares in his property unit for $4.4 billion, gaining a key ally with less than a month to go before the deal goes to a vote.
China Life Insurance Co. has provided a letter of intent in favor of the privatization plan, Dalian Wanda Commercial Properties Co. said in a statement on Monday in Hong Kong. China Life, which bought in Wanda Commercial shares when the firm went public in late 2014, owns a 7.4 percent stake and is the biggest holder of the listed shares.