India's Fortis gives up battle for Parkway

The Indian hospital operator agrees to sell its shares in Parkway to IHH and abandons its own bid for the Singapore-listed healthcare provider after the Khazanah subsidiary raises its offer and says it is now willing to buy all the outstanding shares.

India-based hospital operator Fortis Healthcare said yesterday that it has agreed to sell its entire stake in Singapore-listed Parkway Holdings to Integrated Healthcare Holdings IHH, thus abandoning its own attempt to take control of the Singapore company. Parkway operates hospitals primarily in Malaysia and Singapore, but also has selected interests in Brunei, India and China.

Fortis had earlier said that a combination between its own operations with those of Parkway would create a leading healthcare services provider in Asia with 68 hospitals and close to $1 billion in annual revenues.

The decision by Fortis to throw in the towel came after IHH, which is owned by Malaysian sovereign investment company Khazanah Nasional, said...

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