You are here: Home » International » News » Companies
Dozens march in Dallas against police violence towards blacks
Saudi-led coalition denies blocking Yemen aid
Business Standard

China's Fosun to 'acquire' Brazil investment firm

Chinese conglomerate recently announced the buying of 86 per cent stake in India's Gland Pharma for up to $1.26 billion


AFP/PTI  |  Shanghai 


China's on Saturday signed an agreement to acquire Brazil-based investment management firm Rio Bravo, according to a statement by the Chinese conglomerate, just a day after 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. did not immediately respond to request for comment.

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

chairman Guo Guangchang said the latest deal was an important milestone for the laying out of Fosun's globalisation 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 announced on Friday that its pharmaceutical unit would buy just over an 86 per cent stake in India's Gland Pharma for up to $1.26 billion.

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

Fosun chairman 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.

Guo mysteriously disappeared for several days in December before re-emerging, and his company said he was assisting in investigations by authorities. The incident initially raised alarm among investors who feared he had run a foul of the law.

Chinese have been on an overseas acquisition binge this year.

State-owned China National Chemical Corp. in February offered $43 billion for Swiss pesticide and seed giant Syngenta, which will be the biggest-ever overseas acquisition by a Chinese firm if completed.

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Sat, July 30 2016. 15:00 IST