China's Fosun buys Portuguese insurer
Fosun International of China has acquired an 80% stake in Caixa Seguros e Saúde, the insurance arm of Portugese state bank Caixa Geral de Depositos SA for €1bn ($1.36bn), beating out Apollo Management International.
Portugal is selling the company as a condition of a €78bn European Union bailout, which requires the government to dispose of assets and raise revenue. Fosun International - the investment arm of
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