HSBC says selling Ping An stake for US$9.4b to Charoen Pokphand

HSBC Holdings, Europe’s biggest bank by market value, agreed to sell its stake in China’s Ping An Insurance (Group) Co. to Charoen Pokphand Group Co. for US$9.4 billion in its biggest divestment in at least 17 years.

The sale of the entire 15.6 per cent stake in China’s second-largest insurer is equivalent to HK$59 a share, HSBC said in a statement. That represents a 2.3 per cent premium over Ping An’s closing price on Tuesday in Hong Kong trading.

via Business feed http://www.scmp.com/business/banking-finance/article/1097886/hsbc-says-selling-ping-stake-us94b-charoen-pokphand