Follow Portugal Immigration and Portugal Economy: Regarding the privatization project of the insurance business of Caixa Geral de Depósitos (CGD) in Portugal, China's Fosun International Limited and the American firm Apollo Global Management submitted binding offers on the 16th. Over the next 10 working days, CGD will evaluate the two bids, and the Portuguese government is expected to determine the winning bidder after January 8, 2014.
The value of CGD's insurance business was 930 million euros at the end of 2012, with a profit of 78.2 million euros from January to September 2013. The Portuguese government expects the sale price to exceed 1 billion euros.
Media reports also indicate that although some senior officials within CGD believe that the shares should be sold via an Initial Public Offering (IPO) to maximize returns, the Portuguese government still prefers to proceed with the privatization of the insurance business through a direct sale.
