By: Tien Yu-pin, Tsai Yi-chu and Frances Huang, Central News Agency
Taipei, June 18 (CNA) Hotai Motor Co., the sales agent for Japan’s Toyota Motor Corp. in Taiwan, has agreed to acquire Switzerland-based Zurich Insurance’s non-life insurance assets in Taiwan.
A board meeting held by Hotai Motor on Friday approved the deal in which the car vendor will spend NT$6.4 billion (US$198 million) to acquire a 99.73 percent stake in Zurich Taiwan’s non-life operations.
The deal will involve more than half of the NT$11.7 billion in cash Hotai Motor had as of the end of March, but because the company is financially sound and has stable income, the acquisition should not hurt the company’s finances, said Hotai Motor spokesman Hsieh Fu-lai. [FULL STORY]