Business
Power Corporation of Canada announces successful bid for 10% stake in leading Chinese asset management company
MONTREAL, Aug. 11, 2011 /CNW Telbec/ - Power Corporation announced today that its bid to purc...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, Aug. 11, 2011 /CNW Telbec/ - Power Corporation announced today\n that its bid to purchase 10% of China Asset Management Co. Ltd. (China\n AMC) from its current owner, CITIC Securities Co. Ltd. (CITIC\n Securities), has been accepted for an amount equivalent to\n approximately CDN $276 million. This purchase is the result of a\n competitive process.\n\n\nChina AMC was established in 1998 and was one of the first asset\n management companies approved by the China Securities Regulatory\n Commission. It is recognized as the leading company in the Chinese\n asset management sector, with approximately US$35 billion in assets\n under management (excluding annuity and separate accounts) at December\n 31, 2010.\n\n\n\"We are pleased to become associated with CITIC Securities and China\n AMC. This investment represents a unique opportunity for Power\n Corporation to participate in an industry-leading fund manager in one\n of the world's largest economies, where there is growing demand for\n financial services,\" said Paul Desmarais, Jr., Chairman and Co-Chief\n Executive Officer of Power Corporation.\n\n\nAndré Desmarais, Deputy Chairman, President and Co-Chief Executive\n Officer of Power Corporation added: \"Power has had a long-standing\n commitment to the Chinese market. This investment is also consistent\n with Power's commitment to seeking opportunities in the wealth\n management and retirement savings industry.\"\n\n\nFunding for the transaction will come from Power Corporation's internal\n liquidities. The transaction is expected to close by the end of the\n year and is subject to Chinese regulatory approvals and certain other\n conditions.\n\n\nFor additional information, please consult China AMC's website (http://www.chinaamc.com/portal/en/home/index.jsp) and CITIC Securities' website (http://www.cs.ecitic.com/en/index.htm).\n\n\nPower Corporation of Canada is a diversified international management\n and holding company with interests in companies in the financial\n services, communications and other business sectors in North America,\n Europe and Asia.\n\n\n","length":2344,"tagName":"div"}]