M&A Report: ING Divests More Asian Assets, WebMD Keeps Poison Pill
ING Groep (NYSE:ING) pushes its program forward of offloading Asian assets and will divest, as anticipated, its insurance divisions in Macau, Hong Kong, and Thailand to Pacific Century Group for $2.14 billion. The buyer is owned by the Hong Kong businessman Richard Li. ING should see a net gain of €1 billion from the sale, which follows an agreement last week to divest its Malaysian insurance operations for $1.7 billion.
Wanxiang Group will try to outbid Johnson Controls (NYSE:JCI) for the automotive-business assets of A213 Systems (NASDAQ:AONE) and also to supplant the American company as the “stalking horse” bidder. The former told its intentions at a court hearing Thursday, subsequent to A123’s Chapter 11 filing.
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The online heath information company WebMD Health Corp. (NASDAQ:WBMD) will keep its poison pill in effect until October 31, 2014, as it continues to fight off the activist investor Cark Icahn. WebMD is scheduled to report on November 1st.
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