Business news for Thu, 29 Nov 2007 & with words business+louis. 2 news.

PING An Insurance (Group) Co said yesterday it paid 1.81 billion euros (US$2.7 billion) to become the single biggest shareholder of Fortis, marking the biggest overseas investment by a Chinese insurer. Shenzhen-based Ping An bought a 4.2-percent stake, or 95.01 million shares, in Fortis, Belgium's biggest financial company, on the Euronext Brussels and Euronext Amsterdam stock exchanges on Tuesday, the insurer said in a statement yesterday. The two companies also signed a memorandum of understanding on Wednesday, which enables Ping An to appoint a non-executive director to Fortis. Fortis invited Ping An's President Louis Cheung to join the board. It is pending approval at a shareholders meeting in April, 2008. The two partners may also seek cooperation in other business areas, Ping An said in a statement on its Website. "The deal is a milestone in China's insurance sector," said Ping An Chairman Peter Ma in the statement. "The deal helps us to better use the

Solutia Inc. will finally emerge from Chapter 11 bankruptcy in about a month after four years thanks to U.S. Bankruptcy Judge Prudence Beatty's confirmation Thursday in New York of Soutia's business reorganization plan , according to a St. Louis lawyer working for the bankruptcy committee.