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SINGAPORE: Singapore investment firm Temasek Holdings and private equity firms Blackstone Group and KKR are said to be among companies expected to submit bids for AXA's stake in China's number four life insurer Taikang.
Sources told Reuters that the investment could be valued at about US$1 billion.
The report said first-round bidding for Beijing-based Taikang Life is due on Friday, with AXA expecting to close the deal before the end of this year.
Taikang's total assets are worth US$28 billion, according to an auction-related document obtained by Reuters.
The sale document says that Taikang has a 7.9 per cent market share in China's life insurance market as of last year.
That ranks Taikang number four, behind China Pacific Insurance, which is already partly owned by the US buyout giant Carlyle Group.
The document also shows that the Government of Singapore Investment Corp (GIC)already owns eight per cent of Taikang Life.
Taikang's net income reached US$247 million last year.
Temasek said it did not comment on market speculation.
AXA is said to have hired Morgan Stanley to advise on the sale.
- 938 LIVE/yb
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