CEFC China Energy Co. Ltd has agreed to acquire Montepio Seguros, the insurance business of Portuguese savings and pension fund manager Montepio, Xinhua reports.
The Chinese state-run news agency says CEFC China Energy will own the majority shareholding in Montepio Seguros.
The report says Montepio Seguros owns the Lusitânia and N Seguros insurance companies.
The shareholders in Montepio Seguros and the Portuguese insurance regulator have yet to give their permission for the acquisition, Xinhua says.
In a separate report, Lusa quotes a written statement issued by CEFC China Energy as saying the strategy of the Chinese company is to establish itself in insurance and finance abroad, and that the acquisition could strengthen its influence around the globe.
CEFC China Energy will set up an office in Portugal which will make investments in various fields such as finance, real estate, infrastructure, telecommunications and wine production, the Portuguese news agency quotes the company as saying.
