Spaniard Moves for Cruz Blanca

Spain’s Grupo Bupa Sanitas has moved to acquire control of Chile’s Cruz Blanca Salud from the Said Somavia family, Cruz Blanca says, paying a 43.6% premium in an offer that values the health care provider at about $638m. The Spanish health care company is to pay CLP525 ($0.98) per share for 50.1%-56.0% of Cruz Blanca, depending on the results of a public tender. The price compares to a CLP365.52 closing price Friday. Shares closed at CLP Monday. Bupa Sanitas plans to begin the public tender offer in January. The Said family plans to retain a minority stake.