News Column

Fosun Int'l Capable of Acquiring Portugal Insurance Assets

January 23, 2014

BEIJING , January 23 , SinoCast -- Fosun International promised to the investors to have sufficient cash on hand to acquire the insurance business under Portugal's state-owned bank CGD at EUR 1 billion and will continue to acquire overseas assets to expand the scope of overseas business. Fosun CEO Liang Xinjun refused to disclose the financing plan for the acquisition and said the company has enough cash on hand to acquire the insurance business. The acquirer has CNY 20 billion or about USD 3.31 billion cash and CNY 10 billion worth of securities assets by 2012. If necessary, it will sell the securities assets.

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Source: Sinocast Insurance Beat (China)

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