Pershing Square Raises $5 Billion in Landmark U.S. IPO and Share Placement 
TSMC Exits Arm Holdings with $231 Million Share Sale Amid Strategic Portfolio Shift 
Ford Q1 Earnings Beat Expectations, Stock Surges on Strong Guidance 
Meta Raises 2026 Capex Outlook Amid AI Spending Surge, Shares Drop After Earnings 
WuXi AppTec Stock Surges on Strong Q1 Earnings and CRDMO Demand Growth 
Alphabet Earnings Surge on AI Growth, Cloud Revenue, and Strong Search Performance 
Standard Chartered Q1 Profit Hits Record on Wealth and Investment Banking Growth 
Coles Group Q3 Sales Rise Driven by Supermarkets and E-Commerce Growth 
Micro Systemation Reports Q1 Loss Amid Strategic Investments and Revenue Growth 
Spirit Airlines Gains Key Creditor Support for $500M Bailout Deal 
Seagate Stock Surges After Strong Q3 Earnings Beat and Bullish Outlook 
Starbucks Raises 2026 Outlook as Turnaround Strategy Boosts Sales and Earnings 
Samsung Reports Record Profit as AI Boom Drives Memory Chip Demand 
Amazon Stock Dips Despite Record Earnings as AI Infrastructure Spending Surges 
Nippon Express Stock Jumps as Elliott Investment Signals Strong Foreign Interest in Japan Logistics Sector 
China’s Ultra-Cheap EV Boom: Why Electric Cars Cost Far Less Than in the U.S. 
Mirae Asset Global Investments said it is waiting for Anbang Insurance's official explanation of why it had not fulfilled all the requirements needed to close a $5.8 billion hotel deal.
A letter has been sent to Anbang Insurance urging it to respond within 15 days with a further notification that unless it replies by May 2, Mirae Asset may terminate the deal.
Anbang Insurance, the seller of the hotel, claimed that Mirae Asset, the preferred bidder, had reneged on its obligations to closing the deal on April 17.
But Mirae Asset said that this was due to an ongoing legal dispute between the Anbang Insurance and a third party, which it uncovered while conducting due diligence on the deal.
"We've kept requesting explanatory materials on it from the Anbang unit, but it hasn't responded yet," Mirae Asset said.
According to a Bloomberg report, Anbang Insurance sought an order filed with a Delaware court in the US compelling Mirae Asset to fulfill its obligations under the purchase agreement.
The said contract was for Mirae Asset Financial Group to purchase 15 five-star hotels and resorts in the United States from Anbang, which the latter had acquired from Blackstone in 2016.
The list of hotels includes JW Marriott Essex House New York, The Ritz-Carlton Half Moon Bay, Four Seasons Silicon Valley, Four Seasons Arizona, Four Seasons Resort and Residences Jackson Hole, Hotel Fairmont Scottsdale Princess, InterContinental Miami, Montage Laguna Beach, InterContinental Chicago, and The Westin St. Francis San Francisco.
Mirae Asset had paid a 10 percent deposit in September.
To finance the acquisition, Mirae Asset Financial Group will raise $1.8 billion through its affiliates, Mirae Asset Daewoo, and Mirae Asset Global Investments. The remaining $40 billion will be sourced through a partnership with US investment bank Goldman Sachs.
Due to the COVID-19 outbreak, the parties have also continuously discussed delaying the deal's closing date and rearranging other conditions.
