Fosun, China's biggest privately-held conglomerate, has joined a bidding war for the Portuguese hospital operator Espirito Santo Saude (ESS).

ESS, which is 51% owned by the Espirito Santo family, was offered 451M Euros (£355 million; $580 million) by Fosun. 

Like Us on Facebook

The company's bid is higher than the rival offers from Grupo Angeles of Mexico and healthcare firm Jose de Mello Saude of Portugal. The Espirito Santo family has been aiming to sell various portions of its business since it has made an application for creditor protection back in July this year. 

ESS owns a number of healthcare facilities including hospitals, clinics, and elderly care homes across Portugal. The company has been a target for investors since the rise of medical facility needs in Europe brought about by its aging population. 

The takeover war led to the 50% rise on the shares of ESS this year. 

Fosun's move to join the bidding war marks the firm's latest endeavors in Europe. The Chinese conglomerate has been trying to buy a resort chain Club Med. 

Billionaire Guo Guangchang runs the Chinese company. Guangchang has been compared with Warren Buffett, U.S. investment legend. 

Since 2012, Fosun has invested billions in foreign firms with focus on the healthcare, fashion, and tourism industries in various countries in the U.S. and Europe.  The Chinese company currently owns a wide variety of Western brands, such as Greek luxury jeweler Folli Follie and American clothing label St John's. Earlier this year, the company bought Caixa Seguros e Saude, a Portuguese insurer. 

According to Bloomberg, Fosun plans on doubling assets within five years. Investments of the company since 2010 include JPMorgan Chase & Co.'s 60-story Tower 1 Chase Manhattan Plaza in New York, French resort operator Club Mediterranee SA, and $3300-suit maker Raffaele Caruso Spa. 

Guo has reportedly followed the footsteps of Warren Buffet. He is best known for tranforming Chinese dealmaking. Guo ranks as the 11th richest person in China.

TagsFosun, Espirito Santo Saude