China's Fosun scraps deal to buy Israeli insurer Phoenix Holdings
Add BT as a preferred source[BEIJING] Fosun International Ltd, the Chinese investment conglomerate, has terminated its share purchase agreement to buy a majority stake in Israeli insurer Phoenix Holdings from Delek Group Fosun was unable to "consummate" the acquisition to the satisfaction, or waiver, of the closing conditions of the agreement, the company in a statement to the Hong Kong Stock Exchange published on Wednesday.
Neither party will be obligated to pay termination fees, the company said. No additional details were provided.
Fosun International is led by Guo Guangchang, one of China's most successful private businessmen.
In December, Guo disappeared for several days to assist authorities in an investigation, sparking concern that he was caught in the government's anti-corruption campaign.
REUTERS
Share with us your feedback on BT's products and services
TRENDING NOW
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
Japan Home closing outlets; staff say Valu$ taking over operations
Timah Partners lands S$60 million facility from lenders including UOB, RHB
