Footwear products maker Pou Chen Corp (寶成工業) has teamed up with Ruentex Group (潤泰集團) to bid for Nan Shan Life Insurance Co (南山人壽) as four potential buyers yesterday submitted bids to the local insurer’s US parent, American International Group Inc (AIG).
In a filing with the Taiwan Stock Exchange, Pou Chen, which makes sports shoes for Nike Inc, said its board had approved a proposal to join with Ruentex Group and bid for AIG’s 97.57 percent stake in Nan Shan.
The consortium led by -Ruentex Group, known as Ruenchen Investment Holding Co (潤成投資控股), is 20 percent owned by Pou Chen, 25 percent by Ruentex Development Co (潤泰創新), 23 percent by Ruentex Industries Ltd (潤泰全球) and 32 percent by other unidentified investors, according to separate exchange filings issued yesterday.
Ruentex Group which is led by chairman Samuel Yin (尹衍樑), has business interests that range from textiles to construction and retailing.
Two other buyers Cathay Financial Holdings Co (國泰金控) and Chinatrust Financial Holdings Co (中信金控) said in their respective filings that their boards also gave the green light for the purchase of Nan Shan and had submitted their bids to AIG. Fubon Financial Holding Co (富邦金控) reportdely also made an offer, both Bloomberg and CNA said, citing unnamed company officials.
However, none of these bidding companies revealed the size of their offers.
AIG relaunched its sale of Nan Shan last month after Taiwan’s regulatory authorities on Aug. 31 rejected a Hong Kong consortium’s application to acquire the local insurer because of concerns over the buyer’s financial strength and long-term commitment.
The Hong Kong consortium, comprising China Strategic Holdings Ltd (中策集團) and Primus Financial Holdings Ltd (博智金融), offered to buy Nan Shan for US$2.15 billion in October last year.
Last year, Chinatrust Financial offered to buy Nan Shan at a price of between US$2.2 billion and US$2.35 billion. The company’s board last week approved a plan to raise more than NT$60 billion (US$1.95 billion) in new capital, paving the way for its bid for Nan Shan.
Fubon Financial reportedly offered to buy Nan Shan at a price of US$1.3 billion a year ago.
Amanda Chou (周佳容), assistant vice president of Nan Shan, said yesterday the US parent company declined to comment on the new bids.
Nan Shan has 4 million policyholders, approximately 4,000 employees and more than 34,000 agents in Taiwan. The company reported NT$12.58 billion in losses in the first three quarters and AIG said in a Nov. 5 statement that it aimed to sell Nan Shan within 12 months.
Contract chipmaker United Microelectronics Corp (UMC, 聯電) yesterday said it has signed a memorandum of understanding (MOU) with Polar Semiconductor LLC to collaborate on the production of 8-inch wafers in the US. The collaboration aims to strengthen 8-inch wafer manufacturing in the US amid Washington’s efforts to increase onshore manufacturing of semiconductors, contribute to supply chain resilience against shifting geopolitical dynamics, and ensure a secure domestic supply of power semiconductors critical to automotive, electric grids, robotic manufacturing and data centers, the companies said in a joint statement. Under the MOU, Polar and UMC will identify devices for Polar to manufacture at
TARIFF TALKS: The US secretary of commerce is eyeing more than US$300 billion in investments and said Taiwan would train US workers, but Taipei has denied the latter US Secretary of Commerce Howard Lutnick said the US is expecting a large investment pledge from Taiwan in trade talks, while President William Lai (賴清德) listed areas that need improvement in order for projects to be completed. “We’re in the midst of discussions,” Lutnick said on Wednesday. “But the fact is, this administration’s goal is to bring semiconductor manufacturing to America.” Lai on Wednesday said Taiwan is supportive of US President Donald Trump’s goal of reindustrializing the US, including efforts to ramp up semiconductor production. Such a goal would require the US to reduce its reliance on Taiwan as a key source
The demise of the coal industry left the US’ Appalachian region in tatters, with lost jobs, spoiled water and countless kilometers of abandoned underground mines. Now entrepreneurs are eyeing the rural region with ambitious visions to rebuild its economy by converting old mines into solar power systems and data centers that could help fuel the increasing power demands of the artificial intelligence (AI) boom. One such project is underway by a non-profit team calling itself Energy DELTA (Discovery, Education, Learning and Technology Accelerator) Lab, which is looking to develop energy sources on about 26,305 hectares of old coal land in
Netflix on Friday faced fierce criticism over its blockbuster deal to acquire Warner Bros Discovery. The streaming giant is already viewed as a pariah in some Hollywood circles, largely due to its reluctance to release content in theaters and its disruption of traditional industry practices. As Netflix emerged as the likely winning bidder for Warner Bros — the studio behind Casablanca, the Harry Potter movies and Friends — Hollywood’s elite launched an aggressive campaign against the acquisition. Titanic director James Cameron called the buyout a “disaster,” while a group of prominent producers are lobbying US Congress to oppose the deal,
RSS