M&A

8 November, 2009

Hopu, Hony, Bain among bidders for AXA's China stake

HONG KONG, Nov 9 (Reuters) - French insurer AXA's (AXAF.PA) 15.6 percent stake in China's No.4 life insurer, Taikang, attracted foreign and domestic bidders, including Temasek and Blackstone (BX.N), valuing the holding at more than $1 billion, sources told Reuters on Monday.

Other bidders included Bain Capital, KKR [KKR.UL] and two Chinese private equity firms, Hopu Investments and Hony Capital, according to sources with direct knowledge of the situation.

All bids were received by last Friday's first-round deadline. Sources previously told Reuters that Morgan Stanley (MS.N) is the sellside adviser for the auction.

Morgan Stanley, Blackstone, KKR, Bain, Temasek [TEM.UL] and Hopu declined to comment. Hony and AXA could not be immediately reached for comment. (Reporting by George Chen and Michael Flaherty; Editing by Ken Wills)

Source: http://www.reuters.com