- Reuters
BNP Paribas to become top investor in Belgian insurer Ageas
PARIS/HONG KONG (Reuters) -BNP Paribas, the euro zone's biggest bank, has agreed to buy a 9% stake in Ageas from China's Fosun Group for about 730 million euros ($780 million), making it the biggest shareholder in the Belgian insurer. The deal ends months of speculation about the future of Fosun's direct and indirect holdings in Ageas as the Chinese conglomerate speeds up asset sales to reduce its debt burden after an acquisition spree. The acquisition, to be made via the insurance division BNP Paribas Cardif, also fits BNPP's strategy of developing its insurance business.
- Bloomberg
BNP Paribas to Buy Fosun’s Stake in Belgian Insurer Ageas
(Bloomberg) -- BNP Paribas SA agreed to buy Fosun International Ltd.’s 9% stake in insurer Ageas for about €730 million ($777 million), tightening the French lender’s relationship with its partner in a Belgian business. Most Read from BloombergIsrael Versus Iran — What All-Out War Could Look LikeApple Faces Worst iPhone Slump Since Covid as China Rivals RiseTexas Warns of Possible Power Emergency Next WeekSingapore PM Lee to Hand Reins to Wong After Two DecadesIran’s Missile Barrage Was an Error
- Reuters
UPDATE 2-European stocks eke out gains at start of holiday-shortened week
European stocks inched up to close at record high levels on Monday at the start of a holiday-shortened week as investors digested recent big gains spurred by dovish views from major central banks. The STOXX 600 index climbed 0.1% boosted by a 0.9% gain in energy stocks, while media companies were among the top losers. The Federal Reserve last week reiterated its projection that it would cut interest rates by 75 basis points by the end of the year, while the Bank of England (BoE) said the economy was heading in the right direction for rate cuts.
