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Saturday, September 27, 2014

Fosun ups bid for Portugal's Espirito Santo healthcare unit, (NYSE: UNH)

China's Fosun International Ltd has upped its bid for Portugal's Espirito Santo Saude (ESS) to 4.82 euros a share or 460.5 million euros ($584 million) in total, stepping up the battle over the hospital business of the indebted Espirito Santo family.Portugal's CMVM market regulator said late on Friday it registered the all-cash offer by conglomerate Fosun's Portuguese insurance unit Fidelidade, while also extending by a week to Oct. 10 a rival offer by Mexico's Grupo Angeles, the first to bid for ESS.Angeles initially offered 4.3 euros a share for the company on Aug. 19 and later raised its bid to 4.5 euros per share.Fosun's previous 4.72 euro bid had already trumped Angeles' bid, but not an offer by U.S. UnitedHealth Group to bankrupt Espirito Santo family company Rioforte for its 51 percent stake, pitched at 4.75 euros a share.

UnitedHealth Group Incorporated (UnitedHealthcare) is a diversified health and well-being company. Shares of UNH traded higher by 0.49% or $0.42/share to $86.60. In the past year, the shares have traded as low as $66.72 and as high as $88.85. On average, 3539240 shares of UNH exchange hands on a given day and today's volume is recorded at 2260493.