Fosun set to join the race for Ethniki

Fosun set to join the race for Ethniki

Chinese group Fosun will participate in the tender for leading Greek insurance company Ethniki, Kathimerini understands, increasing the number of suitors to five.

Besides Fosun, the other candidate investors are investment funds CVC Capital Partners, Centerbridge and Lone Star, and a special purpose vehicle called I3CP, which is associated with Leadenhall Capital Partners.

The participation of the Chinese giant raises the stakes, as it is one of the biggest and most diverse groups in the world, with considerable activity in the insurance sector, which will spur the competition among the suitors for Ethniki Insurance.

The procedure that Goldman Sachs and Morgan Stanley are running for the Greek insurer’s parent company, National Bank of Greece, provides for the candidate short list to be completed by year-end so that the binding offers can be tabled by end-January or mid-February at the latest.

Sources have told Kathimerini that investors have submitted non-binding bids based on financial data up to end-2018, and that the amounts offered for the 80 percent stake in Ethniki do not exceed 600 million euros.

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