Monday, November 29, 1999

Fortis readies for Parkway takeover war

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New Delhi, June 15 -- Fortis Healthcare said on Tuesday the company was keeping its options open on Malaysian sovereign fund Khazanah's offer for Parkway, while sources said the firm had hired Macquarie and Religare Capital to raise funds for a possible takeover battle. Fortis, controlled by billionaire brothers Malvinder Singh and Shivinder Singh, is also in talks to hire RBS to help raise funds, two sources with knowledge of the matter said. Fortis was also in talks with Macquarie and Religare, the sources said.Under Singapore rules, Fortis will have to make a general offer for Parkway shares it does not own or a potential bid of more than $2.3 billion because it recently bought Parkway shares.

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