Fosun International agreed to pay 174.6 million euros for a stake in Banco Comercial Portugues SA, Portugal’s biggest publicly traded lender by assets. A unit of Fosun will subscribe to about 157.4 million Banco Comercial shares at 1.1089 euros each through a private placement, equivalent to about 16.67% of the expanded share capital, according to Bloomberg. The investment will help the Chinese group extend its business in Europe and Africa, it said. Fosun aims to increase the stake to about 30T in the future and additional directors will be nominated on the board of Banco Comercial by Fosun’s unit, according to the statement. Fosun has been one of the most acquisitive Chinese firms in the past three years, buying foreign assets such as French resort chain Club Mediterranee SA and Canadian circus operator Cirque du Soleil.
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