How to win a takeover battle: the case of Fosun's purchase of Club Med. The difficulties faced by Chinese companies in overseas M&As

摘要

Fosun (00656.HK), founded in 1992 and listed on the Main Board of the Hong Kong Stock Exchange on July 16, 2007, is known as the largest investment group in China and is becoming a world-class investor (Fosun Interim Report, 2014). The founder of Fosun, Guo Guangchang, has been focusing on overseas investment since 2011. Under his stewardship, Fosun has invested in over 50 projects worldwide with an aggregate amount exceeding $11.0 billion, by optimizing "insurance-oriented comprehensive financial capability" (Fosun Interim Report, 2014). Consequently, Guo has been described as China's Warren Buffett because of the similar insurance-oriented financial strategy and the same ambition in worldwide merger and acquisitions (M&As) (Weiss, 2014, 12 September).