CTBC Financial Holding Co (中信金控) yesterday said it has completed its acquisition of Taiwan Life Insurance Co (台灣人壽保險) through a share swap, with Taiwan Life to be the surviving entity following a merger with CTBC Life Insurance Co Ltd (中國信託人壽) early next year.
“Since its founding in 1947, Taiwan Life has established a highly reputable brand name, and we anticipate syrnergistic gains in conjunction with the CTBC Financial brand name,” CTBC Financial senior vice president Rachael Kao (高麗雪) told a news conference at the Taiwan Stock Exchange.
CTBC Life chairman Frank Ling (凌氤寶) is to take over as chairman of Taiwan Life, whose current chairman, Hsu Shu-po (許舒博), and a major board member, Chu Ping-yu (朱炳昱), are to sit on the board of Taiwan Life, CTBC Financial said.
Hsu is likely to also serve as chairman of TLG Insurance Co (台壽保產險), a subsidiary of Taiwan Life.
The chairmanship of TLG Capital Co (台壽保資融), is to be filled by Liang Te-chiang (梁德強), a board member of CTBC Financial’s banking and life insurance unit. The management changes are to take effect on Jan. 1, pending regulatory approval.
CTBC Financial also said that its board approved a motion for early redemption of a portion of the 58 million CTBC Financial preferred shares worth about NT$2.03 billion (US$102.54 million) that the company issued as part of the share swap to acquire Taiwan Life.
The capital reduction is set to take place on Dec. 8.
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia BV will soon be able to produce semiconductors locally within China, according to two company sources. Nexperia is at the center of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company. The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages. Local production would allow Nexperia’s domestic arm, Nexperia Semiconductors (China) Ltd (安世半導體中國), to bypass restrictions in place since October on the supply of silicon wafers — etched with tiny components to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday received government approval to deploy its advanced 3-nanometer (3nm) process at its second fab currently under construction in Japan, the Ministry of Economic Affairs said in a news release. The ministry green-lit the plan for the facility in Kumamoto, which is scheduled to start installing equipment and come online in 2028 with a monthly production capacity of 15,000 12-inch wafers, the ministry said. The Department of Investment Review in June 2024 authorized a US$5.26 billion investment for the facility, slated to manufacture 6- to 12nm chips, significantly less advanced than 3nm process. At a meeting with
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
RSS