(Bloomberg) -- BNP Paribas SA agreed to buy Fosun International Ltd.’s 9% stake in insurer Ageas for about €730 million ($777 million), tightening the French...
-- BNP Paribas SA agreed to buy Fosun International Ltd.’s 9% stake in insurer Ageas for about €730 million , tightening the French lender’s relationship with its partner in a Belgian business.BNP Paribas’ insurance unit will buy a 4.8% stake in Ageas in the coming days, with the rest of the acquisition to be done after regulatory approvals are received, the bank said in a statement Sunday. Bloomberg News reported last month that BNP Paribas was considering the deal.
Bloomberg News reported in February that Fosun was working with advisers on a possible sale of the stake. The Chinese conglomerate, which is backed by billionaire Guo Guangchang, has been selling assets as it seeks to reduce its debt load following an acquisition spree.
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