Fosun eyes more Europe deals, chairman tells Le Monde
PARIS, July 10
PARIS, July 10 (Reuters) - Chinese investor Fosun International, which is seeking to take over French holiday group Club Mediterranee in partnership with AXA, is on the hunt for more investments in Europe, its chairman told Le Monde newspaper.
Fosun is focusing particularly on manufacturing industry in Germany and the tourism, food processing, luxury goods and cosmetics sectors in France, Le Monde cited the chairman and co-founder Guo Guangchang as saying.
Banking and insurance could also feature among the five or six transactions he expects to make in Europe each year, the paper said.
"In the coming years, Europe will represent the majority of our foreign investments," Le Monde quoted Guo, who is also a top Fosun shareholder, as saying. "The environment is good for investing."
The financial crisis has created more opportunities in the region and calmed sellers' price expectations, according to Guo.
"We are now seeing companies at reasonable prices," the billionaire told the paper.
Fosun's strategy is also geared to capitalising upon the rising purchasing power of Chinese consumers.
"Our idea is to invest in companies which have potential in the Chinese market, regardless of whether they are already present or not," Guo was quoted as saying.
Fosun has said it wants to accelerate Club Med's expansion in markets such as China to help it cope with tough trading in Europe, where it still makes more than 70 percent of its revenue. (Reporting by James Regan; editing by Tom Pfeiffer)
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