CHINESE billionaire Guo Guangchang’s Fosun International Ltd. agreed to acquire Australia’s Roc Oil Co. for A$474 million (US$441 million) in cash, giving the Chinese group assets stretching from Africa to Australia.

    A takeover of Roc Oil will give Fosun its first oil assets, with stakes in Australia, China, Malaysia and the U.K. North Sea. Roc Oil produced 2.7 million barrels of oil equivalent in 2013.

    Shanghai-based Fosun has offered A$0.69 a share, a 10 percent premium to Roc Oil’s close last Friday and a 23 percent premium to Roc Oil’s share price the day before it announced it had received a tentative takeover proposal from an unidentified party. The bid is conditional on Roc Oil ending plans to combine with rival Horizon Oil Ltd., the Sydney-based company said yesterday in a statement.

    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.

    Roc Oil, owner of stakes in projects backed by PetroChina Co. and CNOOC Ltd., had received two approaches from potential buyers it didn’t name since announcing the merger agreement with Horizon Oil.

    The deal with Fosun, which is subject to Australian foreign investment approval, comes after Roc Oil’s top shareholder, Allan Gray, fought to block the Horizon deal. (SD-Agencies)