Wed, Dec 08, 2010 - Page 12 News List

Goldsun, TransAsia deny Nan Shan bid

Bloomberg

Goldsun Development & Construction Co (國產實業), controlled by Taiwan’s Lin family, and its unit TransAsia Airways Corp (復興航空) have denied a report they are bidding for American International Group Inc’s (AIG) Taiwanese life insurance unit.

“Neither Goldsun nor TransAsia made a bid for Nan Shan,” Lin Shing-chih (林信智), a spokesman for Goldsun, said yesterday.

The real estate developer holds a 48 percent stake in TransAsia.

The Chinese-language Commercial Times yesterday reported Primus Financial Holdings Ltd, Goldsun Development and TransAsia formed a group to bid for AIG’s Nan Shan Life Insurance Co (南山人壽), without saying where it got the information. The group offered US$2.3 billion to US$2.5 billion, according to the business daily.

Neither Vincent Lin (林明升), chairman of TransAsia and a board member of Goldsun, nor his father Lin Shiaw-shinn (林孝信), Goldsun’s chairman, are making a bid for Nan Shan, said Max Chu (朱漢光), a spokesman for Taiwan Secom (中興保全), Lin Shiaw-shinn’s holding company. Amanda Chou (周佳容), a spokeswoman for Nan Shan, didn’t answer calls to her mobile phone.

Chinatrust Financial Holdings Co (中信金控), Ruentex Group (潤泰集團), Fubon Financial Holding Co (富邦金控) and Cathay Financial Holding Co (國泰金控) have submitted offers for Nan Shan, according to the companies and a person with knowledge of the matter.

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