Fosun Intl to get Roc Oil for A$474m

Billionaire Guo Guangchang's Fosun International Ltd agreed to acquire Roc Oil Co for A$474 million ($442 million) in cash, giving the Chinese group assets stretching from Australia to Malaysia.

Roc Chairman Mike Harding said Fosun's offer is superior to an agreement to merge with Horizon Oil Ltd, while Horizon said it expected Roc to terminate their A$800 million accord.

Fosun, the investment arm of China's biggest closely held industrial group, has been on a buying spree, ranging from insurance businesses to New York City office buildings.