China's Fosun scraps deal to buy Israeli insurer Phoenix Holdings

[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