Fosun buys baijiu distillery Tuopai Shede for US$694 million in bargain acquisition ahead of China’s economic rebound

//Fosun buys baijiu distillery Tuopai Shede for US$694 million in bargain acquisition ahead of China’s economic rebound

Fosun buys baijiu distillery Tuopai Shede for US$694 million in bargain acquisition ahead of China’s economic rebound

Fosun International is acquiring a controlling stake in Sichuan Tuopai Shede Group, boosting its presence in the coveted baijiu liquor sector as the Chinese conglomerate led by billionaire Guo Guangchang pivots inward for growth.Fosun will buy a 70 per cent stake in the liquor and spirits maker for 4.53 billion yuan (US$694 million) in cash, the company said in a December 31 exchange filing. This is the second such investment in 2020 by the Fosun Group after it bought a 30 per cent stake in…

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By | 2021-01-02T05:59:42+00:00 January 2nd, 2021|Business|Comments Off on Fosun buys baijiu distillery Tuopai Shede for US$694 million in bargain acquisition ahead of China’s economic rebound