China's Fosun drops plans to buy Israeli insurer Phoenix Holdings

China's Fosun drops plans to buy Israeli insurer Phoenix Holdings

Billionaire Guo Guangchang, Executive Director and Chairman of Fosun International, attends the annual general meeting of the Chinese conglomerate in Hong Kong, China May 28, 2015. REUTERS/Bobby Yip

Fosun International Ltd has dropped a plan to buy a controlling stake in Israeli insurer Phoenix Holdings, the first major set back for the Chinese conglomerate since its chairman Guo Guangchang briefly went missing late last year.

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