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Dai-ichi places 2nd round bid for ING SE Asia business-source
July 16, 2012 / 5:33 AM / 5 years ago

Dai-ichi places 2nd round bid for ING SE Asia business-source

TOKYO, July 16 (Reuters) - Japan’s Dai-ichi Life Insurance Co Ltd has submitted a second-round bid to buy ING’s insurance operations in Southeast Asia, a source with direct knowledge of the matter told Reuters on Monday.

Binding bids for ING’s Asia insurance and asset management operations are due on Monday, in a deal worth about $7 billion, separate sources previously told Reuters.

“Yes, Dai-ichi made an offer” the source said. The source declined to be identified as the matter was not public.

ING’s Southeast Asian business have been in hot demand, and the business could fetch about $2 billion, one person familiar with the matter previously told Reuters. Life insurance premiums in Southeast Asia are forecast to grow rapidly on the back of strong economic growth.

A spokesman for Dai-ichi declined to comment. (Reporting by Taiga Uranaka; Writing by Denny Thomas; Editing by Emi Emoto and Ron Popeski)

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