Fosun sells 8% stake in Ageas to BNP Paribas for €626-€670 million

From TipRanks: 2024-04-15 02:51:27

Fosun International Limited agrees to sell an 8.19% stake in Ageas to BNP Paribas for a deal value ranging from €626 million to €670 million. However, BNP claims the deal value is around €730 million. Fosun’s shares were down by 0.92% today.

The Fosun-BNP deal includes the sale of 15,401,253 Ageas shares to BNP Paribas Cardif. The acquisition will be done through three block trades, with the last stage pending regulatory approvals.

Fosun will use the sale proceeds for working capital needs and strategic focus. Despite the deal, Fosun still retains ownership of 1,952,524 Ageas shares. Their share price has dropped 26% in the past year.

BNP Paribas and Ageas maintain a joint holding in AG Insurance, unaffected by BNP’s acquisition of a minority stake in Ageas. The sale reflects Fosun’s objective to enhance financial performance and shareholder value while streamlining its portfolio.



Read more at TipRanks: Hong Kong Stocks: China’s Fosun to Sell 8% Stake in Ageas to BNP Paribas