Bottom line: Fosun is prepared to up its latest bid for Club Med by another 20-30 percent, while Anbang needs to be careful in its investments to avoid ending up with a portfolio of overvalued, underperforming assets.
Fosun ups Club Med bid
Two of China’s most active institutional investors are in the headlines today, led by a new sweetened bid from private equity giant Fosun International (HKEx: 656) as it competes with an Italian group to buy French vacation resort operator Club Med (Paris: CU). Meantime, another recently acquisitive investor Anbang Insurance is back in the headlines, with word that it’s boosted its stake in Minsheng Bank (HKEx: 1988 Shanghai: 600016), China’s oldest and largest privately owned lender. Read Full Post…
After spending most of its life in relative obscurity, Chinese insurer Anbang is suddenly making steady headlines on the global stage with word of 2 major new deals in Europe and Asia, following its landmark agreement last week to buy New York’s storied Waldorf Astoria hotel for nearly $2 billion. The larger of the latest deals has Anbang in talks to buy a major stake in South Korea’s Woori Bank, while the smaller has it buying Belgian insurer Fidea. Meantime, Anbang’s earlier landmark Waldorf deal is showing early trouble signs, with word that some US diplomats are expressing concerns about the sale over the potential for spying. Read Full Post…
