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Club Med owner Fosun nears deal to sell stake in Nanjing Iron & Steel for US$2.1 billion, source says
- Fosun International holds a 58.92 per cent equity interest in Shanghai-listed Nanjing Iron & Steel
- Fosun is close to finalising a deal with Jiangsu Shagang Group, a source said
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Fosun International, the owner of the Club Med chain of resorts, is reportedly selling its stake in Nanjing Iron & Steel for 15 billion yuan (US$2.1 billion), as the heavily indebted group seeks to raise cash to trim its borrowings.
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Fosun is selling its assets in Nanjing Iron & Steel to Jiangsu Shagang Group, according to a source close to the deal. The two sides are finalising the agreement, the person added.
Trading in shares of both Fosun and Nanjing Iron & Steel was suspended on Monday, pending announcements involving inside information, according to exchange filings. No other details were disclosed.
Fosun, Nanjing Iron and Jiangsu Shagang did not reply to requests for comment.
The transaction could fetch 15 billion yuan, Chinese media Caixin reported on Monday.
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