20150623-MORGAN_STANLEY-复星国际（0656）：ACQUISITION_OF_PHOENIX_HOLDINGS-752929

What＇s New：Fosun announced the acquisition of a 52.31% interest in Israeli financial group Phoenix Holdings for US$462mn.The purchase price represents a 28% premium to Phoenix’s closing share price on Thursday.The purchase will be financed by the company＇s own funds or a combination of its own funds and external financing.The acquisition is subject to receipt of certain regulatory approvals in Israel.The acquisition price implies a 2014 P/E of 6.3x and 2014 P/B of 0.9x