Chinese conglomerate Fosun International Ltd is making its first foray into the U.S. insurance market and buying property and casualty insurer Meadowbrook, a deal that it said would help it secure funds for further acquisitions.
Fosun International
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Private equity firm Apollo Global Management LLC (APO.N) is considering making a bid for Portuguese lender Novo Banco SA, the bank carved out of Banco Espirito Santo SA (BES) (BES.LS), Bloomberg reported, citing people familiar with the matter.
Sinopec Corp will sell a 107.1 billion yuan ($17.5 billion) stake in its retail unit to a group of 25 Chinese and foreign investors, Asia's top oil refiner said in a statement on Sunday.
China Huarong Asset Management Co Ltd, the country's biggest bad-debt manager, said on Thursday regulators have approved a deal for it to sell a 20.98 percent stake to a consortium of eight investors for 14.5 billion yuan ($2.4 billion).
China-based Fosun International Ltd is the most likely acquirer of Forbes Media Llc but will be paying less than $250 million for the money management magazine, according to sources interviewed by The Deal Pipeline.
New York, US-based firm Forbes Media attracted the attention of six different bidders including Germany-based multimedia company Axel Springer.
Fosun International raised USD500 million from selling convertible bonds.
Fosun International partnered with Kerzner for a hotel project worth nearly CNY 10 billion on China's Hainan Island.
Caixa Seguros bidders whittled down to two.
News and developments in Asia private equity from Reuters News for the week ending June 15.
