US-based insurer Fidelity & Guaranty has rejected a $14bn takeover offer from Chinese insurer Anbang. The planned takeover is no longer in the "best interests" of Fidelity & Guaranty shareholders, according to the firm. This comes after the Chinese insurer failed with a $1.6bn offer for Starwood Hotels & Resorts Worldwide last year against Marriot. Anbang, once just a provincial car insurer, has become an aggressive overseas buyer of insurance firms and real estate, with around 30,000 employees globally and over CNY800bn ($116.3bn) in assets.
US-based insurer Fidelity & Guaranty has rejected a $1.6bn takeover offer from Chinese insurer Anbang. The planned takeover is no longer in the "best interests" of Fidelity & Guaranty shareholders, according to the firm. This comes after the Chinese insurer failed with a $14bn offer for Starwood Hotels & Resorts Worldwide last year against Marriot. Anbang, once just a provincial car insurer, has become an aggressive overseas buyer of insurance firms and real estate, with around 30,000 employees globally and over CNY800bn ($116.3bn) in assets.