Fosun wins Portuguese insurer after strict bid process

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The opportunity for Fosun International’s massive 1 billion (US$1.37 billion) purchase of a Portuguese insurer was gained after a strict bid process, and will help Fosun catch big potential in a recovering market, said a legal counsel involved.

NewsPortugal

“One unique challenge was to conform with the state-mandated bid process and procedures. There was little room for negotiation or flexibility in modifications to the bid guidelines as the Portuguese government required strict adherence to the bid process and procedures for public policy reasons,” Paul Chen, a US-based partner at DLA Piper, told China Business Law Journal.

“We also faced the usual challenges of participating in any competitive auction, such as negotiating terms of various contracts under tight deadlines,” he added.

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