Fosun to Buy Roc for $442 Million, Spelling Horizon Deal End

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.

Shanghai-based Fosun is offering 69 cents a share, 10 percent more than Roc’s closing price yesterday, the Sydney-based company said today in a statement. Roc Chairman Mike Harding said Fosun’s offer is superior to an agreement to merge with Horizon Oil Ltd., while Horizon said it expects Roc to terminate their A$800 million accord. Roc rose 7.1 percent to close at 67.5 cents in Sydney.