Deals
Fosun Eyes Second Shot to Buy Greek Insurer If Winning Bid Fails
- Exin, Calamos dispute puts winning bid for Ethniki in doubt
- Exin has until end-March to complete 718 million-euro purchase
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Fosun International Ltd came up short in its bid to buy National Bank of Greece SA’s insurance unit, but the Chinese conglomerate is still willing to swoop in if the winning bid collapses, albeit at a different price this time.
Exin Financial Services Holding BV and Calamos Family Partners Inc won a tender to buy a 75 percent stake in the Greek lender’s Ethniki Insurance unit in June after the venture’s 718 million-euro ($882 million) bid was the highest. Yet there could still be an opening for Fosun after an acrimonious split in the consortium. Calamos has filed legal action against Exin, which has until the end of the month to provide the financing to complete the transaction.