Ping An agreed in March to pay €2.15bn ($3bn) for half of the asset management arm of Fortis, the Belgo-Dutch financial group which was partially nationalised on Monday with a €11.2bn capital injection from the governments of Belgium, Holland and Luxembourg.
Fortis said on Tuesday night that it did not expect the Ping An purchase to go ahead, citing “the current severe market disruption and the ongoing uncertainty in the global capital markets”.
Ping An has a 5 per cent stake in Fortis that it bought when Fortis shares were trading at more than four times their current level. Ping An said yesterday that changes in external economic conditions had led it to reconsider its overall strategy.
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