Fosun, China's biggest privately-owned company, has joined the bidding war for Espírito Santo Saude which owns and operates hospitals, clinics and old peoples’ homes across Portugal.
Fosun has put €451 million on the table to buy the business that is 51% owned by the Espírito Santo family - and goodness knows they need the money.
The Chinese offer is higher than the other two on the table, one from Portuguese healthcare operator Jose de Mello Saude (the ‘Mellos’ being Espirito Santo family members) and Grupo Angeles from Mexico.
Fosun has spent billions buying up foreign firms and is looking at healthcare, tourism and fashion in Europe and the US where it already owns many prestigious brands.
In January 2014 Fosun bought Caixa Seguros e Saude, the Portuguese insurance company.
On the plus side the shares in Espírito Santo Saude have rocketed by more than 50% this year because of the takeover tussle.
See also> http://www.algarvedailynews.com/news/1060-chinese-buy-portugal-s-biggest-insurer
