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Ping'an Wavers on Purchase of Datang Mobile Stake
Shanghai Securities News, 1/03/08
According to an informed source, as of December 31 only Ping'an Insurance subsidiary Ping'an Trust and Investment had laid out earnest money for the stake in Datang Mobile offered for sale on the Shanghai United Assets and Equity Exchange.
However, negotiations with the China Academy of Telecommunication Technology (CATT) have reached a deadlock. Ping'an hopes to work with Datang Mobile through increased capitalization and share issue, or the formation of a joint venture, rather than a simple share purchase. If that is not possible, Ping'an prefers to withdraw its application to purchase the 13% stake.
Ping'an Group spokesperson Sheng Ruisheng indicated he had no information on the situation.
Keywords: Ping'an Insurance, Ping'an Trust and Investment, Datang Mobile, Shanghai United Assets and Equity Exchange, CATT, M&A, JV, Sheng Ruisheng, wireless
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