Fosun International's Portuguese insurance subsidiary Fidelidade is now the only company left in a hard-fought race to buy Portuguese healthcare group Espirito Santo Saude (ES Saude) after other competitors dropped out, according to local reports.
Fidelidade has offered 4.82 euros (6.08 U.S. dollars) per share or a total of 460.5 million euros for ES Saude.
Mexican group Angeles, Portugal's Jose de Mello group dropped out of the race by canceling their tender offers for the healthcare group. ES Saude had also been approached by UnitedHealth of the United States as part of an off-market proposal to buy the firm.
The result of Fidelidade's tender offer for ES Saude will be announced at a special stock market session on Oct. 13.
ES Saude is 51 percent owned by Luxembourg-based Espirito Santo Group, which filed for creditor protection in July following detection of accounting irregularities. The Espirito Santo Group's financial troubles led to a state-backed 3.9 billion euro bailout of its Portuguese banking arm Banco Espirito Santo in August.
Fosun International acquired Fidelidade, Portugal's largest insurance company, as part of a winning bid for 80 percent of Portuguese state-owned insurer Caixa Seguros in January of this year. The sale was part of the government's privatization program agreed as part of a three-year financial bailout of the Portuguese economy. (1 euro = 1.26 U.S. dollars)