Fosun gets nod to buy Portugal bank’s unit
Print Edition
Portugal has chosen China’s Fosun International Ltd to buy the insurance arm of state bank Caixa Geral de Depositos SA for 1 billion euros (US$1.36 billion), allowing the government to further exceed its privatization revenue goal.
Portugal had to conduct a series of privatizations as a condition to receiving financial aid from the EU and IMF. The sale takes privatization revenue to 47 percent above target.
Cabinet Minister Luis Marques Guedes said the government had chosen Fosun over a unit of US investment fund Apollo Global Management LLC, the other remaining bidder, to buy 80 percent of Caixa Seguros e Saude, SGPS, SA, the country’s largest insurance group.
Fosun said it will complete within 30 days a sales and purchase agreement for the insurer, which has a domestic market share of 26 percent.
For Fosun, which is bidding to acquire French resort company Club Mediterranee SA and last year forked out US$725 million for One Chase Manhattan Plaza in New York, the purchase represents its latest move toward building an insurance-oriented investment conglomerate.
The Portugal acquisition “marks a solid step for Fosun to develop Warren Buffet’s model,” Fosun Chairman Guo Guangchang said.
This sale should help Caixa Geral de Depositos repay 1.65 billion euros in government funding received in mid-2012.
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