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| Anbang chairman Wu Xiaohui |
Anbang, which on the face of it is a Chinese insurer, became the flag-bearer of daring-borderline-weird outbound M&A through a series of mighty acquisitions in 2015 and 2016.
This was a theme that probably reached its zenith with Anbang’s out-of-nowhere $14 billion bid for Starwood, the operator of the Sheraton and Westin hotels, which the Chinese group promptly withdrew again shortly afterwards having triggered a bidding war.
Lazard and Citi, advising Starwood, and Deutsche, advising eventual winner Marriott, emerged from the fray baffled but enriched. Anbang is the epitome of the totally random Chinese buyer, a trope of modern global M&A.
Investigators
Wu was reported on Tuesday to have been detained by investigators, which in turn followed reports that he could no longer leave the country. On Tuesday night, Anbang said in a statement that Wu is “unable to perform his duties for personal reasons”, which appears to confirm his detention.
Under his tenure, Anbang successfully bought the Waldorf Astoria hotel in New York for $2 billion.