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Fosun cancels deal to purchase majority stake in Israeli insurer

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Chinese conglomerate Fosun International Ltd. has dropped plans to purchase a majority stake in Israeli insurer Phoenix Holdings Ltd., reports Reuters.

Fosun has terminated its share purchase agreement to buy the stake in the insurer. Fosun said that it was unable to "consummate" the acquisition to the satisfaction, or waiver, of the closing conditions of the agreement. Neither company will be required to pay a termination fee, added Fosun.

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