Fosun International Ltd. is still willing to bid for National Bank of Greece SA's insurance unit after losing out to U.S. company Calamos Investments LLC and Netherlands-based EXIN Financial Services Holding BV, but at a different price, Bloomberg News reported March 22.
Calamos and EXIN's winning bid to acquire a 75% stake in Ethniki Hellenic General Insurance Co. SA for €718.3 million was thrown into doubt in February after Calamos sued EXIN for defaulting on loans. The U.S. investor is seeking immediate repayment from the Dutch company of more than $41 million in principal, plus interest, under a series of loan agreements that were payable Dec. 31, 2017.
Kang Lan, Fosun executive director and senior vice president, told Bloomberg that the Chinese conglomerate expects to be considered if Calamos and EXIN fail to complete the deal, but that it would need to "re-evaluate the financials of the company before providing an updated offer."
The sale of Ethniki Insurance is part of a restructuring plan designed to enable National Bank of Greece to focus on its core banking operations.