China’s Fosun offers to buy German bank for $231 million
2015.August.13
Fosun International Ltd., backed by Chinese billionaire Guo Guangchang, will buy German private bank Hauck & Aufhaeuser Privatbankiers KGaA for as much as 210 million euros ($231.6 million) to expand access to the country’s wealthy.
More than 80 percent of Hauck & Aufhaeuser’s shareholders agreed to the offer and the final purchase price will depend on how many accept it, Fosun said in a statement to the Hong Kong stock exchange Wednesday. H&A said a shareholder committee had recommended its owners approve the plan.
Hauck & Aufhaeuser, based in Frankfurt, generated 4.7 million euros of net income last year and had 3.02 billion euros of assets at the end of December, Fosun said.
The bank manages funds for wealthy and institutional clients as well as offering investment banking services, according to its website.