Fosun drops Phoenix acquisition

Chinese conglomerate Fosun has pulled out of plans to buy a
controlling stake in Israeli insurer Phoenix Holdings, it announced
today (17 February).
Fosun had agreed to pay 1.8bn shekels ($462mn) to buy a 52.31
percent stake in Phoenix from Delek Group in June last year, but
the Chinese firm said it was unable to "consummate" the
deal to the satisfaction or waiver of the closing conditions of the
agreement.
The firm said in a statement to the Hong Kong...