Fo­sun buys con­trol­ling stake in Por­tuguese in­surer

China Daily (Canada) - - NEWS CAPSULE -

Fo­sun In­ter­na­tional Ltd, China’s big­gest pri­vate con­glom­er­ate, bought a con­trol­ling stake in Por­tu­gal’s largest insurance group for ($1.36 bil­lion, to build an in­vest­ment group fo­cused on the insurance sec­tor.

Fo­sun In­ter­na­tional’s chair­man Guo Guangchang said in state­ment that the Hong Kong-listed com­pany out­bid US in­vest­ment fund Apollo Global Man­age­ment LLC to ac­quire an 80 per­cent stake in state-owned Caixa Se­guros e Saude SGPS SA, Por­tu­gal’s largest insurance group, which is owned by state bank Caixa Geral de De­pos­i­tos SA.

The team was orig­i­nally look­ing for M&A tar­gets in neigh­bor­ing Spain, but a lo­cal ad­viser told them to look into Por­tuguese as­sets in­stead, an in­sider close to the Chi­nese com­pany said.

Fo­sun could not be reached for com­ment. (Photo 2)

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