Sun, Jul 31, 2016 - Page 16 News List

China’s Fosun to acquire Brazilian investment firm

AFP, SHANGHAI

China’s Fosun International Ltd (復星國際) yesterday signed an agreement to acquire Brazil-based investment management firm Rio Bravo Investimentos SA, according to a statement, just a day after the Chinese conglomerate announced another overseas deal.

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

Fosun chairman Guo Guangchang (郭廣昌) said the deal was an “important milestone for the laying out of Fosun’s globalization strategy of being present in the 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 on Friday announced that its pharmaceutical unit would buy just more than an 86 percent stake in India’s Gland Pharma Ltd for up to US$1.26 billion.

Gland Pharma is the first Indian maker of injectable drugs with approval from the US Food and Drug Administration, according to a filing to the Hong Kong stock exchange.

Gland Pharma, based in the Indian city of Hyderabad, counts US private equity firm KKR and its chief executive’s family as its biggest shareholders.

Hong Kong-listed Fosun also owns Club Med SA and has a stake in Cirque du Soleil. Earlier this month, it completed a takeover of the English Championship soccer club Wolves.

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