If you think about it, this problem is very similar to the variation of the Boolean satisfiability problem of 3-satisfiability aka 3-SAT.
Take each set within S into individual boolean expressions separated by "or" gates. Then each of these expressions would then be separated by "and" gates. For example {{A}, {A, B, C}, {C, D}, {E, F}} could be translated into A ∧ (A ∨ B ∨ C) ∧ (C ∨ D) ∧ (E ∨ F)
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Determining if a solution to this exists is NP-complete. Though your particular problem always has a solution (worse case scenario being that you have no items in common), I fear that it is a sophistication of the 3-SAT problem. Not only do you want a possible solution, you ideally want the one that requires the least number of items choosen.
If you want the very best solution, I think the best you can do is to search every possible solution and test it. However, if an approximate solution is acceptable, you could begin searching for a solution by counting the number of items each set has in common with other sets and counting the number of times each unique value is used in every set. Then attempt to formulate an approximation by choosing the most used value in each set starting with the set which has the most items in common with other sets and moving down, stopping if you manage to find a valid solution. Again, while it isn't guaranteed to be an optimal solution, it will likely be a decent approximation.
Best of luck.