January 9, 2014 / 3:30 PM / 4 years ago

China's Fosun to buy Portugal insurer in privatisation

1 Min Read

LISBON, Jan 9 (Reuters) - Portugal's government picked Chinese group Fosun International as the winner in the privatisation of the insurance arm of state-owned bank Caixa Geral de Depositos (CGD), Cabinet Minister Luis Marques Guedes said on Thursday.

Fosun, which was chosen over a unit of U.S. investment fund Apollo that was the only other remaining bidder in the privatisation race, will pay 1 billion euros ($1.36 billion) for an 80 percent stake in the country's largest insurer with a 26 percent market share, he said.

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