Fosun, China’s largest privately held conglomerate, is on course to secure its first takeover of a listed Australian company after gaining a substantial foothold over Roc Oil’s register.

The Chinese behemoth swooped on the oil and gas company in August with a knock-out $474 million cash bid – scuttling a controversial all-scrip merger with larger rival Horizon Oil – and now owns over 29 per cent of its target.