One of the giants of the international insurance market has denied that it is looking to expand its portfolio as Anbang Insurance counters reports that it wants to take control of InterContinental Hotels Group.
According to a
Sunday Times report, the Chinese insurer launched a £7 billion takeover bid for the IHG, which is the name behind such well-known brands as Crowne Plaza, Holiday Inn and Candlewood Suites.
The publication wrote that bankers made their way to China to discuss the deal, although it was said to be in the early stages with no official approach yet made to IHG. The move would have been in spite of IHG announcing its pre-tax profits had slipped by 35% to $398 million during the first six months of the year. Total income also slid by more than 8% with revenues in both China and Europe taking significant dives prompted by events such as the terrorist attack in Paris impacting booking rates.
However, it has since been stated that Anbang has no plans to make a bid and is not considering an offer for InterContinental, with Chris Winans, a spokesman for Anbang at the public relations firm Hill & Knowlton Strategies, speaking to Bloomberg. He declined to make any further immediate comment.
However, the insurer had previously looked to get involved with a major name in the hotel industry – at the end of March it decided against a £10.7 billion takeover of Starwood Hotels & Resorts for what it described as “market considerations”. Indeed it already owns a number of hotels including the famous Waldorf Astoria in New York.
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