CP defends its Ping An acquisition

Charoen Pokphand Group issued the second statement to defend its acquisition of Ping An Insurance.

"CP Group wishes to state once again that the purchasers of CP Group are acting entirely on their own account and they are not acting in concert with or on behalf of any third party. Reports on this matter which attempt to project different story have no substance and are wholly incorrect," it said in the statement.

"The transaction is still under consideration by the China Insurance Regulatory Commission (CIRC) and we confirm that if approval is received from the CIRC, the CP Group has the necessary resources to complete the transaction."

The statement was issued following news reports in Hong Kong that CP Group acted on behalf of other investors in taking over the 15.6 per cent interest in China’s second-largest insurance company from HSBC Holdings. There were reports that CIRC may not approve the deal.