<article>Australia’s <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Telstra+Corp">Telstra Corp</a>. completed the sale of a 47 percent stake in Chinese website <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Autohome+Inc">Autohome Inc</a>. to Ping An Insurance Group Co. for $1.6 billion, though it continues to face litigation over the deal.</article>

Australia’s <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Telstra+Corp">Telstra Corp</a>. completed the sale of a 47 percent stake in Chinese website <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Autohome+Inc">Autohome Inc</a>. to Ping An Insurance Group Co. for $1.6 billion, though it continues to face litigation over the deal.
The Melbourne-based phone company will book an accounting gain of A$1.8 billion ($1.4 billion) on the sale and indicated it would use most of the proceeds to return cash to shareholders, according to a statement Thursday.
Autohome’s chief executive officer had sought to scuttle the sale of Telstra’s stake to China’s second-largest insurer by leading a management buyout offer. Telstra, which bought control of the car website operator in 2008, said it is contesting “residual litigation” in the Cayman Islands relating to the deal.
For a story on the rebellion at China’s largest auto website, click here.
Telstra retains a 6.5 percent stake in Autohome, though its number of nominee directors on the board has dropped to one from six.
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<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/telstra-says-1-6-billion-autohome-stake-sale-is-being-challenged-by-minority-shareholders-42258/">Telstra’s $1.6b Autohome stake sale to Ping An challenged by minority shareholders</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/telstra-ping-an-signal-autohome-deal-on-track-despite-rival-bid-38102/">Telstra, Ping An signal Autohome deal on track despite rival bid from PE-led consortium</a>

Bloomberg

Telstra completes $1.6b sale of Autohome stake to Ping An

Telstra completes $1.6b sale of Autohome stake to Ping An

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Telstra completes $1.6b sale of Autohome stake to Ping An

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