Fo­sun to ac­quire Brazil­ian firm Rio Bravo

The Myanmar Times - - International Business -

CHINA’S Fo­sun has signed an agree­ment to ac­quire Brazil-based in­vest­ment man­age­ment firm Rio Bravo, just a day af­ter the Chi­nese con­glom­er­ate an­nounced an­other mas­sive over­seas deal.

Fo­sun, which has in­ter­ests rang­ing from prop­erty to min­ing, said it will buy the con­trol­ling share of pri­vately owned Rio Bravo In­ves­ti­men­tos, but did not give a value for the deal. Fo­sun did not im­me­di­ately re­spond to re­quest for com­ment.

The Chi­nese gov­ern­ment is en­cour­ag­ing com­pa­nies to in­vest abroad to gain ac­cess to for­eign mar­kets and tech­nol­ogy, as eco­nomic growth stalls at home.

Fo­sun chair Guo Guangchang said the latest deal was an “im­por­tant mile­stone for the lay­ing out of Fo­sun’s glob­al­i­sa­tion strat­egy of be­ing present in im­por­tant emerg­ing economies”.

Fo­sun in­tends to use the ac­qui­si­tion as a gate­way to Brazil and the Latin Amer­i­can re­gion in busi­ness areas such as prop­erty and in­vest­ment, the state­ment said.

The Chi­nese con­glom­er­ate an­nounced that its phar­ma­ceu­ti­cal unit would buy just over an 86 per­cent stake in In­dia’s Gland Pharma for up to US$1.26 bil­lion.

And ear­lier this month, it com­pleted a takeover of the English Cham­pi­onship foot­ball club Wolves.

Fo­sun chair Mr Guo has been de­scribed as China’s War­ren Buf­fet. Hong Kong-listed Fo­sun also owns Club Med and has a stake in Cirque du Soleil. –

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