Chinese group Fosun is analysing the possible acquisition of Brazilian assets in the health, entertainment and financial sectors, in the latter case mainly in the area of business risk, the Estado de São Paulo newspaper reported in its Tuesday edition.
Recalling that the Chinese group invested 440 million reais in an office building in São Paulo, the Sucupira Tower, and bought stakes in Rio Bravo Investimentos and Guia Investimentos, the newspaper said that Fosun intends to acquire the Austral Group’s insurance business, with the idea being to separate the insurance arm from the reinsurance arm and keep the former.
The Chinese group also analysed assets such as Notredame Intermédica (health plan operator and owner of 18 hospitals), the Hospital Aliança Complex in Bahia and companies in the construction sector.
Diogo Castro e Silva, director of Fosun in Brazil, told Estado de São Paulo that the investment process is very selective, with a global budget and the “country with the best asset wins.”
Castro e Silva has headed up the subsidiary since the Chinese group made its first acquisition in Brazil – Rio Bravo Investimentos – announced in July 2016, and this purchase helped the Chinese group gain credibility in the country due to the fact that the company’s staff includes Gustavo Franco, former chairman of the Brazilian Central Bank.
In Portugal, the Fosun group is the main shareholder of private bank Banco Comercial Português and holds 84.98% of insurance company Fidelidade, which in turn has a 96.12% stake in Luz Saúde, one of the largest groups in the health sector. (macauhub)