ING stake in China JV may tempt foreign firm
The Dutch firm sells its 33% holding in China Merchants FMC to its two local partners in an industry first. While any future sale of a stake in the firm could be pricey, it might be money well spent.
In a first for the Chinese fund industry, ING Group announced it had agreed to sell its entire 33.3% stake in a local joint venture to its two domestic partners.
The Dutch financial services firm offloaded its interest in China Merchants Fund Management for €98 million ($127 million) to China Merchants Bank and China Merchants Securities.
The fact the manager’s local shareholders acquired the stake should come as no surprise, notes Shanghai-based consultancy Z-Ben Advisors, as t…
Please sign in or register
for free access to 1 article per month from AsianInvestor’s content and archives of over 16,000 articles.
¬ Haymarket Media Limited. All rights reserved.