Chinese business conglomerate has agreed to become the majority shareholder of the Israeli Ahava Dead Sea minerals cosmetics company for close to $76.5 million.
The final number of shares China’s Fosun International will buy has yet to be determined, but the company, mainland China’s largest private-owned conglomerate, signed an agreement to become the majority owner, Globes reported.
Ahava, which makes skincare 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 movement, which seeks to damage Israel’s economy for its policies against Palestinians. The company, which has 25 percent fewer employees than it had in 2013, denies it is yielding to BDS pressure.
Fosun has been busy acquiring several overseas companies in the past year, and Globes reported that Ahava could be close to breaking into the Chinese cosmetics markets.