China’s Fosun Hikes Offer for Portugal’s Espirito Santo

October 10, 2014

China’s Fosun raised its offer for Portugal’s Espirito Santo Saude (ESS) to 5.01 euros a share from 4.82 on Thursday, above U.S. firm UnitedHealth’s offer of 5 euros made directly to the bankrupt Espirito Santo family.

The hospital business of the Espirito Santo family has attracted a bidding war since the family’s main holding companies requested creditor protection in July under a mountain of debt that also led to the multi-billion-euro state rescue of Banco Espirito Santo.

Earlier on Thursday, market regulator CMVM said it extended the deadline for investors to accept Fosun’s offer to Oct. 14 from Oct. 10.

Fosun has made its public bid for Espirito Santo Saude through its Portuguese insurance unit Fidelidade.

Fosun has called UnitedHealth’s bid illegal as it has been made directly to the Espirito Santo family’s holding company Rioforte for its 51 percent stake in ESS.

(Reporting by Sergio Goncalves; writing by Axel Bugge; editing by Mark Trevelyan)

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