Grupo Ángeles, registered in Mexico, has offered €4.3 per share for Espírito Santo Saúde which values the company, still controlled by the Espírito Santo Group, at €411 million.
Ángeles, the largest private healthcare company in Mexico, launched its public tender offer for the Portuguese company, a welcome events for bankrupt Rioforte, part of the Espírito Santo Group, which has sought protection from creditors as its affairs are wound up.
Rioforte owns 51% of Espírito Santo Saúde and Grupo Ángeles wants to control at least 50.01% of the Portuguese healthcare company.
Also up for sale are other companies controlled by the Espírito Santo Group such as the insurer Tranquilidade whose sale already has received the green light from the Insurance Institute of Portugal and the chain of Tivoli hotels which has received initial interest but no firm bids.
The price offered by Grupo Ángeles reflects the fact that for Espírito Santo Saúde makes money. The launch offer represents a premium of 34% over its current share price.
The Mexican group already owns 3.32% of for Espírito Santo Saúde but the offer is subject to the approval of the Portuguese State, particularly with regard to the Hospital de Loures which is entangled in a public private partnership contract.
Espírito Santo Saúde manages 18 units, including nine hospitals, and has almost 9,000 employees.
The launch of the Grupo Ángeles offer assumes that there are no agreements, contracts or other complicated financial instruments that may have significant impact on the financial position of the company.
Shares in for Espírito Santo Saúde were suspended on announcement of the bid, but trading will resume today.
Comments
This has already happened with the sale of TAP. In the developed world this would be a sensible assessment that the buyer could actually pay and also deliver a service at least comparable to the old one.
But this is Portugal - so nothing of the sort.
Visualise instead a swarm of hands reaching out for their cut.
For example - so far, potential TAP buyers haven't built enough 'bung in their bid' so we are told TAP has not yet found the 'right buyer'.
Presumably the Mexicans know a thing or two about 'bunging'.
Not that old Bendix knows anything about the subject but - 'Best kept 'off shore', eh ?'