China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
BUPA completes Australasian aged care acquisition
SYDNEY, Dec 18 (Reuters) - British health fund BUPA said on Tuesday it had completed the A$1.2 billion ($1.0 billion) acquisition of aged care assets in Australia and New Zealand as it strengthens its presence in the region.
BUPA said in a statement it had been granted regulatory approvals to buy controlling interests in Australia's Amity and New Zealand's Guardian Healthcare, which collectively own 96 aged care homes.
The deal follows BUPA's A$2.4 billion acquisition of Australia's second-largest private health fund, MBF Australia, last week.
BUPA agreed in October to buy the Amity and Guardian assets from private equity firm CVC Asia Pacific [CVC.UL]. CVC acquired the businesses as part of its purchase of the DCA Group last year.
The British firm wants to grow in a market where an ageing population is stoking demand for health insurance and aged care services.
The board of MBF on Friday accepted BUPA's raised offer, which will create a health insurance giant to match government-owned Medibank Private.
MBF, which had planned to list on the stockmarket in early 2008, covers 18 percent of Australians with private health insurance.
Medibank Private had also been set for a float in 2008, but following a change to a Labor government last month, those plans are unclear. The Labor party has opposed the sale of Medibank. (Reporting by Michael Smith)
