PMI Gold & Keegan Resources Merge, HSBC Divests Ping An Interest: Merger and Acquisitions Recap
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PMI Gold Corporation (PMVGF.PK) and Keegan Resources (AMEX:KGN) have reached a definitive agreement through which to combine their respective businesses and thus form a leading West African gold development company. The combined entity will continue under the name “Asanko Gold Inc.”, which reflects the West Ghana region in which the two firms hold their principal gold projects. Asanko will be headed by Peter Breese, the current president and chief executive of Keegan and Collin Ellison, and the current managing director and chief executive of PMI.
HSBC Holdings (NYSE:HBC) says that it has divested its 15.6 percent interest in China’s Ping An Insurance (PIAIF.PK) at a price of $9.38 billion to Dhanin Chearavanont’s Charoen Pokphand Group (CP Group). The seller is currently ridding itself of non-core assets under its recovery plan. CP Group’s acquisition was financed in part by the state-run China Development Bank.
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