South Korea's Mirae Asset Global Investments said on Monday that it has terminated a $5.8 billion deal to buy 15 U.S. hotels from China's Anbang Insurance Group [ANBANG.UL].
FILE PHOTO: A general view shows the headquarters of Anbang Insurance Group in Beijing, China, February 23, 2018. REUTERS/Thomas Peter
The asset manager said in a statement that Anbang did not remedy breaches of certain obligations regarding the September contract, resulting in the termination of the deal. Mirae Asset said Anbang had filed litigation against it and and affiliated entities in the United States last week, adding it denied AnBang’s claims.
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