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China's Ping An Insurance jumps amid Fortis deal

Wed Nov 28, 2007 9:00pm EST

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HONG KONG, Nov 29 (Reuters) - Shares of Ping An Insurance (Group) Co (2318.HK) jumped 5.13 percent after China's No.2 life insurer said it had paid 1.81 billion euros ($2.7 billion) for a stake in Europe's Fortis (FOR.AS) (FOR.BR).

Ping An shares were set to open HK$4 higher at HK$82 on Thursday.

The Chinese insurance group said said its 99 percent-owned Ping An Life Insurance Co of China Ltd had bought a 4.2 percent stake, or 95.01 million shares, in the Dutch-Belgian company in the secondary market, the latest example of a Chinese entity making a major investment in a foreign financial services firm. (US$1=HK$7.8) (Reporting by Donny Kwok; editing by Anne Marie Roantree)



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