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Mainland Chinese Billionaire Guo Guangchang to Take Over Austrian Asset Wolford AG
Shanghai based Fosun Group through its Hong Kong (Central) vehicle Fosun Industrial Holdings Limited (Fosun) has taken over control of one of Austria's last remaining lingerie assets. According to Wolford, its new strategic core shareholder has agreed to pay at least €36M for a 50.87% majority stake in Wolford AG. Wolford has been struggling with management problems for some time. It also has been loss making for several years. Fosun Industrial Holdings Limited, a subsidiary of Fosun International Limited (British Virgin Islands) is an investment holding company with interests in asset management and entertainment services. Fosun wants full control of the lingerie maker. Upon the closing of the share purchase agreement Fosun intends to launch a takeover offer to the remaining shareholders. Fosun was co-founded in 1992 by Fudan graduate Guo Guangchang who meanwhile became the 34th richest person in China with a net worth of €7 billion.
Wolford Mainland China takes over other traditional Austrian asset / Picture: © Wolford AG
The Wolford AG, which is headquartered in Bregenz (Lake Constance), is a manufacturer of lingerie textiles focusing on tights, bodysuits and underwear, as well as women's clothing.
The purchase price amounts to €12.80 per share.
The maximum cash contribution as part of a capital increase by Fosun amounts to €22M.
Fosun Industrial Holdings Limited (Fosun)…
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