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China's Fundamental Films buys stake in France's EuropaCorp

's Fundamental Films, through a subsidiary, willpurchase a 27.9% stake in French film company EuropaCorp for $67 million, The Hollywood Reporter reported Sept. 29.

The Shanghai-basedfilm producer and distributor will become the second-largest shareholder in theFrench firm, with EuropaCorp releasing 11.43 million new shares priced at $5.83per share as part of the deal.

EuropaCorp'sfounder, French film director Luc Besson, will see his stake diluted from 43.8%to 31.6% through his holding company Front Line.

The dealhas been approved by the boards of both companies, according to the report. Itis also subject to standard regulatory requirements as well as a shareholdervote that is likely to take place before the end of the year.

It isexpected that EuropaCorp will remain a publicly traded company, the report said.