China market regulator approves Ping An's acquisition of New Founder Group

BEIJING : China's market regulator has approved Ping An Life Insurance's acquisition of a majority stake in New Founder Group, which was established after Founder Group started court-led restructuring proceedings last year.

The anti-trust bureau of the State Administration for Market Regulation issued the approval on its website on Tuesday, without disclosing financial details of the deal. Ping An Insurance Group said in April that its subsidiary Ping An Life would acquire a 51.1per cent to 70per cent stake in New Founder Group at a price of 37.05 billion yuan to 50.75 billion yuan.

The insurer said in July that a consortium led by Ping An Life would actively promote a plan regarding Founder Group's reorganisation.

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