Fosun International, one of China’s largest private-sector conglomerates, has agreed to sell an 8.2 per cent stake in Belgian insurer Ageas to BNP Paribas for about €670 million (US$714 million) as part of an effort to reduce its debt amid economic turbulence.
A deal involving the sale of 15.4 million shares of Ageas was concluded on Friday, the Shanghai-based group said in a filing to the Hong Kong stock exchange.
“The disposal is part of the company’s efforts [towards] streamlining its portfolio and implementing a core business-focused strategy,” Fosun said in the filing published on Sunday evening. “It also demonstrates the…
