Anbang Insurance Group is in early stages of considering InterContinental Hotels Group offer, Sunday Times reports, citing unidentified people.
- Bankers have been to China for talks with Anbang about a potential takeover bid
- IHG and Anbang declined to comment: report
- NOTE: In April, Anbang Abruptly Pulls Starwood Offer, Clearing Marriott Path
InterContinental Hotels targeted for GBP 7bn takeover by Anbang Insurance
Anbang Insurance Group of China has been discussing with bankers in London a possible GBP 7bn (USD 9.2bn) takeover bid for UK-based InterContinental Hotels Group [LON:IHG], The Sunday Times reported.
According to City sources cited in the report, bankers have flown to China to attend meetings with Anbang during the past couple of months.
Anbang has yet to formally approach IHG and is still in the exploratory stages of weighing an offer, the item reported. People with close links to the hotel group confirmed it has not received any direct registration of Anbang’s interest, the report said.
Neither Anbang nor IHG wished to comment on the matter, the item reported.
City banking sources said Anbang has also looked at taking over UK-based general insurance groups but has not acted over fears of regulatory obstacles, the item reported.
IHG is on Anbang’s radar and New Jersey-based Wyndham Worldwide [NYSE:WYN], said to have made an offer for IHG which was rejected two years ago, may also revisit its interest as a result, according to a City banker quoted in the piece.
Sunday Times