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China's Fosun says it has cash to fund $1.3 billion purchase

January 23, 2014 - 6:00am

Chinese group Fosun International Ltd. said it has adequate cash to finance the €1 billion ($1.35 billion) purchase of the insurance unit of Portugal's Caixa Geral de Depositos S.A., Reuters reported.

Fosun's debt was put under review by Moody's Investors Service Inc. for a possible downgrade because of uncertainties about its funding plan for the purchase of the insurance unit, reports Reuters.

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