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Aia Group Ltd, Manulife Financial Corp Among Bidders For CIMB Group Holdings Berhad And Aviva plc's Malaysia JV-Reuters
Reuters reported that Aia Group Ltd, Manulife Financial Corp and Prudential plc are among companies that have made initial bids for the life insurance joint venture of Malaysia's CIMB Group Holdings Berhad and Aviva plc in a deal estimated to be worth at least $400 million. Other bidders for the venture include AXA SA. The auction of the venture is being handled by Morgan Stanley and CIMB. Britain's Aviva is selling its 49% in the joint venture (JV), while CIMB could sell a significant portion of its 51% stake. The transaction could also result in a new bancassurance deal with CIMB. The initial bids are of a non-binding nature.
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