The Luxembourg Commercial Court is due on 17 October to announce if China’s Fosun International will be allowed to buy Portuguese healthcare company Espírito Santo Saúde through a tender offer, the Portuguese press reported.
Rioforte is the majority shareholder of Espírito Santo Healthcare Investments, which owns 51 percent of Espírito Santo Saúde but, as the Luxembourg-based company has gone into administration to prevent immediate insolvency, the legal authorities will have to decide whether or not the company can be sold.
However, weekly newspaper Expresso reported that the decision on the tender offer may be made sooner, as happened with the sale of travel company Espírito Santo Viagens, for which the Luxembourg court granted approval.
Portuguese groups Mello Saúde, Espírito Santo Saúde, Lusíadas and Trofa Saúde control almost 80 percent of the private hospital business in Portugal, and ES Saúde said in May that profit in the first quarter had doubled year on year to 4.6 million euros.
ES Health owns Hospital da Luz in Lisbon, Hospital Beatriz Ângelo in Loures and Hopital da Arrábida in the northern city of Porto, amongst others.
The company has a network of 18 units, including eight private hospitals, a hospital run on behalf of the National Health Service in a public-private partnership arrangement, seven private clinics to operate on an outpatient basis and two senior residences. (macauhub/CN/PT)