The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

Anbang: The random Chinese buyer’s figurehead runs out of steam

It’s hard not to see, in the detention of Anbang chairman Wu Xiaohui, the final nail in the coffin of a certain kind of exuberant Chinese dealmaking.



Wu-Xiaohui-R-600
Anbang chairman Wu Xiaohui


Anbang, which on the face of it is a Chinese insurer, became the flag-bearer of daring-borderline-weird outbound M&A through a series of mighty acquisitions in 2015 and 2016.

This was a theme that probably reached its zenith with Anbang’s out-of-nowhere $14 billion bid for Starwood, the operator of the Sheraton and Westin hotels, which the Chinese group promptly withdrew again shortly afterwards having triggered a bidding war.

Lazard and Citi, advising Starwood, and Deutsche, advising eventual winner Marriott, emerged from the fray baffled but enriched. Anbang is the epitome of the totally random Chinese buyer, a trope of modern global M&A.





Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree