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Merger Buzz Boosts Shares Of India's Troubled Fortis

Shares of Indian hospital chain Fortis Healthcare have risen some 16% in the past month, fuelled by investor hopes of a takeover battle for the financially troubled company. US hedge fund Elliott Management is now said to have entered the fray and be buying up stock.

Hospital exterior
SPECULATION BUILDS OVER FORTIS

New York-based hedge fund Elliott Management Corp, run by billionaire Paul Singer, is reported to have begun buying up shares in Fortis Healthcare amid rising market talk of an impending takeover battle for India’s second-largest hospital chain.

The chain’s founders, Malvinder Singh and Shivinder Singh, are mired in allegations of financial wrongdoing and their stake in Fortis...

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