China Strategic Holdings Ltd., the head of the consortium that is buying Nan Shan Life Insurance Co. from American International Group Inc. (AIG), isn't going to extend the deadline of its share swap pact with Chinatrust Financial Holding Co., which expires Friday, officials from China Strategic and Chinatrust said Friday.
China Strategic said in November it planned to sell a 30% stake in Nan Shan Life to Chinatrust in exchange for a 9.95% stake in the Taiwan financial conglomerate. But China Strategic's plan is still awaiting the Taiwan government's approval. Chinatrust spokesman Vanney Cho said the pact will expire, but didn't elaborate further. An official from China Strategic who asked not to be named said the company won't go ahead with the plan, and will focus on acquiring Nan Shan Life.
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