BUSINESS

China’s Fosun to bid again for Ethniki Insurance

EVGENIA TZORTZI

TAGS: Business, Privatizations

Chinese group Fosun formally expressed its interest in Greece’s leading insurance company Ethniki on Thursday, at a price that should be adjusted based on the firm’s financial data, according to Fosun’s senior vice president and executive board director Lan Kang.

Kang told Bloomberg that “Fosun has continuously been interested in becoming the controlling shareholder of Ethniki,” adding that “Fosun’s strategy and strong confidence in the company were well recognized by the seller. Therefore we expect to be considered if Exin failed to complete the deal.”

Speaking just a week before the deadline for the Exin Group to implement the deal for the acquisition of 75 percent of Ethniki from National Bank of Greece, Kang noted that her group will need “to re-evaluate the financials of the company before providing an updated offer.”

If, as expected, Exin fails to find the necessary 718.3 million euros for the realization of the deal by March 28, NBG will declare the tender barren. Fosun had offered 620 million euros, while another Chinese group, Gongbao, recently reiterated its original interest in the Greek insurer.

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