Munich RE acquired 19% of the shares of PICC Asset Management Co., Ltd.
Client
Munich Reinsurance Company Stock Company (Munich RE)
Headquartered in Munich, the company is one of the world's leading reinsurance companies. In 2012 the company's equity amounted to 27.4 billion Euro. The group’s premium income for the year (gross premiums written) was 52 billion Euro.
Project outline
· Buyer: Munich RE and MEAG
· Seller: People's Insurance Company of China (PICC), the largest insurance company in China
· Target: PICC Asset Management Company Limited, a subsidiary of PICC
· Our service: monitoring of the strategy orientation, establishment of the contact with Chinese target company, formulating of the business plan about the stock share acquisition, coordination of the Due Diligence and company valuation, support through the acquisition negotiation, drafting of the transaction contracts, Preparation and company to the meeting of board of directors.
· Project closed in 2006
Highlights
· Enabled the asset management business of Munich RE enter Chinese market
· Realized business diversification in China
· Cross-national M&A case with few precedents within the Financial Industry
