Bupa bids for Chile’s Cruz Blanca Salud

Spain’s Grupo Bupa Sanitas was expected to launch a bid for control of Chile’s Cruz Blanca Salud today with a tender offer for up to 56% of the firm. In line with plans announced in December, Bupa is offering CLP525 ($0.97) per share, and is targeting a minimum of 50.1% of the firm, equal to 360m shares. Cruz Blanca’s shares closed at CLP485.8 on Wednesday. The offer is open until February 21. Banchile is arranging the transaction.