(JTA) – China’s largest privately owned conglomerate will pay nearly $76.5 million to become the majority shareholder of the Israeli Ahava cosmetics company.
The number of shares that Fosun International will buy has yet to be determined, but the company signed an agreement to become the majority owner, Globes reported.
Ahava, which makes skin care products from Dead Sea minerals, has since June been considering moving its facilities from the West Bank, potentially in response to pressure from the Boycott, Divestment and Sanctions (BDS) movement, which seeks to damage Israel’s economy for its policies against Palestinians. The company, which has 25 per cent fewer employees than it had in 2013, denies it is yielding to BDS pressure.
Fosun has acquired several overseas companies in the past year, and Globes reported that Ahava could be close to breaking into the Chinese cosmetics markets.