The government of Portugal had decided to include two companies as bidders for the privatization of insurance arm of state bank Caixa Geral de Depositos. The two companies are China's Fosun International and a unit of Apollo Global Management, the US investment fund.
This was announced through a press briefing conducted by Cabinet Minister Luis Marques Guedes last Thursday. The two firms have been chosen from a lot of five offers. The total number of potential investors reached out to was at 66, to determine the market interest for Caixa Seguros. Caixa Seguros is Portugal's largest insurer having a 30% market share.
The sale is expected to be concluded by year's end and is part of a set of preconditions required as part of reforms needed in order to receive bailout funds from EU/IMF.
Aside from this company, there are many other privatization deals in the offing, such as the national post office operator CTT, its flagcarrier TAP and some of the units in Aguas de Portugal.
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