China’s Fosun group, the acquisitive private conglomerate, has extended its footprint in Europe by buying the former Milan headquarters of Italian bank UniCredit for €345m.
The move by Fosun, whose boss Guo Guangchang has been dubbed “China’s Warren Buffett”, comes amid a flurry of overseas deals by the conglomerate which has embarked on an aggressive international expansion.
It also highlights increasing investor interest in Italy, which has shown the first signs of emerging from a brutal three-year recession. The volume of deals targeting Italy surged more than fourfold in the 12 months to June to $20bn, according to Italian data.
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