China conglomerate Fosun climbs most in 2 weeks after deal to sell German lender
28/05/2024 04:20
** Shares of Chinese conglomerate Fosun International Ltd
0656.HK climb 2.8% to HK$4.71, on course for biggest one-day
pct gain since May 13
** Stock touches the highest since May 23 on the second
session of gain; second biggest pct gainer on the Hang Seng
Composite Index tracking conglomerates .HSCIC
** Dutch bank ABN Amro ABNd.AS says it has reached
agreement with Fosun to acquire its banking subsidiary and
German private bank Hauck Aufhäuser Lampe (HAL) for 672 mln
euros ($729.9 mln), a deal to be closed in first quarter of 2025
** Fosun, which has a market value of HK$37.92 bln ($4.86
bln), says disposal is part of its effort of streamlining
portfolio and enhancing asset-light operation strategy
** Adds the proceeds will be used for working capital
** The Hang Seng Composite Index tracking conglomerates
slips 1%, while the Hang Seng Index .HSI climbs 0.2%
** Fosun stock up 1.2% YTD
($1 = 7.8065 Hong Kong dollars)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))