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Friday, January 10, 2014

Portugal to sell insurer to China's Fosun for 1 billion euros, (NYSE: APO)

Portugal has chosen Fosun International Ltd to purchase the insurance arm of state bank Caixa Geral de Depositos SA for 1 billion euros ($1.36 billion), allowing the government to further exceed its privatisation revenue goal.Portugal had to conduct a series of privatisations as a condition to receiving financial aid from the European Union and International Monetary Fund. The latest sale takes privatisation revenue to 47 percent above target.Cabinet Minister Luis Marques Guedes on Thursday said the government had chosen Fosun over a unit of U.S. investment fund Apollo Global Management LLC, the other remaining bidder, to buy 80 percent of Caixa Seguros e Saude, SGPS, SA, the country's largest insurance group.Shares of Fosun subsequently rose 4.69 percent in Hong Kong midday trading compared with a 0.4 percent rise in the benchmark index.

Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO traded higher by 0.23% or $0.08/share to $35.14. In the past year, the shares have traded as low as $19.12 and as high as $35.68. On average, 1032900 shares of APO exchange hands on a given day and today's volume is recorded at 1691999.