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China's Anbang withdraws bid to buy US insurer
But Iowa's Fidelity says the withdrawal isn't final, expects Chinese insurer to refile buy application in "near future"
Add BT as a preferred sourcePublished Thu, Jun 2, 2016 · 09:50 PM
Hong Kong
ANBANG, a politically connected Chinese insurer, has hit a bump in its effort to buy an insurance company in Iowa for US$1.57 billion, the latest setback to its multi-billion-dollar global shopping spree.
Anbang Insurance Group has struck a remarkable spate of deals including an agreement two years ago to buy the Waldorf Astoria hotel in New York. It has also reached a US$6.5 billion deal to buy hotels from the private-equity firm Blackstone Group, and it has agreed to buy financial firms in Europe and South Korea.
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