Mexico's Angeles withdraws bid for Espirito Santo health unit

miércoles 1 de octubre de 2014 04:56 GYT

* UnitedHealth Group also pitched bid

* Shares dip, but still above highest offer

LISBON Oct 1 (Reuters) - Mexico's Grupo Angeles has withdrawn its 430-million-euro ($541 million) bid for Portugal's Espirito Santo Saude, saying it was unable to go above China's Fosun offer for the hospital business of the indebted Espirito Santo family.

Grupo Angeles initially offered 4.3 euros a share and raised this to 4.5 euros. It decided not to increase its offer after Fosun International bid 4.82 euros a share, the company said in a statement late on Tuesday.

The Espirito Santo banking family's main holding companies need to sell assets after requesting creditor protection in July as it labours under a mountain of debt that also led to a multi-billion euro state rescue of Banco Espirito Santo.

ESS shares fell 0.35 percent to 4.873 euros in early trading but were still above Fosun's offer, suggesting some investors see scope for a higher bid. ESS shares have risen 56 percent since their market debut in February.

The all-cash bid by Fosun's Portuguese insurance unit Fidelidade values the health company at 460.5 million euros.

U.S. firm UnitedHealth Group has pitched an offer directly to the Espirito Santo family's company Rioforte for its 51 percent stake in ESS at 4.75 euros a share. (1 US dollar = 0.7943 euro) (Reporting By Andrei Khalip, editing by Louise Heavens)