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Tata Sons, AIA to bid for 70% stake in PNB Metlife

( December 26, 2016, 09:47 GMT | Insight) -- Tata Sons and partner AIA Group are placing a non-binding bid to acquire a 70 percent stake in PNB Metlife for 27 billion rupees ($397.2 million) and to merge it with Tata AIA Life Insurance Co, The Hindu reports. The deal would involve a buyout of all existing stakeholders, excluding Punjab National Bank Ltd, with the lender to sell its stake in the merged entity within three years. Alternatively, Tata Sons and AIA could put forth a call option four to five years after the merger....

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