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Simpson Thacher recently represented China Life Insurance Company Limited ("China Life"), China's largest life insurer, in its participation in an investor consortium led by Citigroup Inc. to acquire 85.59% of Guangdong Development Bank Co., Ltd. ("GDB"), headquartered in Guangzhou, Guangdong Province, for a total consideration of RMB 24.27 billion (equivalent to US$3.1 billion). China Life will acquire 20% of GBD for RMB 5.67 billion (equivalent to US$720 million), and will be one of three 20.00% shareholders of GDB (including Citigroup). This transaction was noteworthy in a number of respects. It is the largest acquisition to date of a majority stake in a Chinese financial institution. It is also one of the largest takeover battles in China to date as the Citigroup-led consortium competed for over 18 months with two other consortia, including a consortium led by France's Societe Generale.

The Simpson Thacher team includes Leiming Chen, Chris Lin, Patrick Naughton, Magnolia Samadani and Vivien Mao.