Foundation Health Plans to Keep FPA Stake

FPA Medical Management Inc. said Foundation Health Systems Inc. doesn’t intend to sell its 7.6% stake in FPA. The 4 million shares, worth about $70 million at current prices, had been registered for resale two months ago. Foundation Health got the shares Dec. 11 when it sold 30 affiliated medical centers in Arizona and California to FPA as part of a $220 million agreement. FPA shares rose $2 to close at $17.50 on Nasdaq, while Foundation Health shares gained 37.5 cents to close at $27.375 on the New York Stock Exchange. San Diego-based FPA is one of the nation’s largest providers of management services to medical groups. Foundation Health, based in Rancho Cordova, was created by the April 1 merger of Foundation Health Corp. and Health Systems International Inc.