26 October 2016
Hauck & Aufhäuser was established in 1796. Photo:
Hauck & Aufhäuser was established in 1796. Photo:

Fosun offers to buy German bank for US$231 mln

Fosun International Ltd. (00656.HK) said Wednesday it has offered to buy German private bank Hauck & Aufhäuser Privatbankiers KGaA (H&A) for up to 210 million euros (US$231.17 million), Reuters reported.

The offer has been accepted by H&A shareholders, who represent about 80 percent of the share capital, and the deal is subject to regulatory approvals in Germany, Luxembourg, Switzerland and Liechtenstein, Fosun said in a filing to the Hong Kong stock exchange.

The mainland Chinese conglomerate said the acquisition would enhance its capabilities to provide banking asset management, financial markets and fund custody services, allowing it to better access other business opportunities in Europe.

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