July 22 (Reuters) – Chinatrust Financial (2891.TW), Taiwan’s top credit card issuer, would be happy to talk to AIG (AIG.N) about its Taiwan life insurance unit if the U.S. firm is unable to seal an existing deal to sell the unit.
“We are still interested in Nan Shan. If AIG is willing to talk to us before the bid deadline, we would be happy to take them up,” Chinatrust President Daniel Wu told reporters on Thursday.
Chinatrust had originally bid for Nan Shan last year, when AIG put the unit up for sale as it retrenched following its bailout.
It lost out to a consortium of diversified battery maker China Strategic (0235.HK) and Hong Kong investment fund Primus, but they have been unable to seal the $2.2 billion deal because of political concerns in Taiwan. The deadline for the deal is Oct 12. (Reporting by Rachel Lee; Editing by Jonathan Standing)
Russia creates retail giant with state banks-sources
MOSCOW, April 10 (Reuters) – A Russian national network of consumer cooperatives said on Friday it planned to merge its shops into a new giant company, and state-controlled banks will participate industry sources said.
The move comes at a time when many Russian retailers are struggling to survive in the economic downturn facing a decline in consumer spending and heavy debt repayments.
Analysts say the crisis provides a possibility for consolidation of the highly fragmented market, with the top 10 players controlling about 10 percent.
The 50,000-strong network, known as TsentroSoyuz, had turnover of 141 billion roubles (about $4.5 billion) last year lagging only market leaders X5 Retail Group (PJPq.L) and Magnit (MGNTq.L).
“Yes, a united retail network under the COOP brand will be created on the basis of TsentroSoyuz,” said Sergei Leonov, general director of the new company on Friday. He declined to provide details of the project.
Russian state banks including largest lender Sberbank (SBER03.MM) will set up an investment fund that will buy unspecified part of the new company, said a source in investment circles.
He said Sberbank could also bring in the new company assets it has grabbed from indebted chains, such as Krasnoyarsk-based retailer Alpi. Sberbank was not immediately available for comment.
A source with a Russian retailer said the idea was backed by Russia’s Agriculture Ministry. The new company will become the largest chain in terms of number of stores, taking the lead from Magnit which had about 2,600 stores at the end of 2008. (Editing by Jon Loades-Carter)