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UPDATE 1-Japan's Fujifilm to buy Wako stake from Takeda for $1.3 bln
December 15, 2016 / 7:05 AM / 9 months ago

UPDATE 1-Japan's Fujifilm to buy Wako stake from Takeda for $1.3 bln

(Adds detail of acquisition)

TOKYO, Dec 15 (Reuters) - Japan’s Fujifilm Holdings Corp said on Thursday it will buy Takeda Pharmaceutical’s 71 percent stake in Wako Pure Chemical Industries for 154.7 billion yen ($1.32 billion) in a bid to expand its healthcare business

Fujifilm will buy the stake through a tender offer bid beginning on Feb. 27 through to April 3, after which it will add Wako to its business as a consolidated subsidiary, the company said in a release through the Tokyo Stock Exchange.

Fujifilm views healthcare in Japan and other industrialized nations as a growth market as populations age and demand for medical services and products grow.

“The acquisition of Wako will be a key milestone for Fujifilm’s future business growth,” the company said in its statement.

Fujifilm already owns a 9.7 percent stake in Wako, which supplies it with photosensitive films. The company said that the acquisition will not impact its financial results for the year ended March 31.

Takeda in a separate statement said it expects to post a one-time pre-tax gain of about 100 billion yen from the sale, to be booked in the first quarter of the business year starting April 1. ($1 = 117.4700 yen) (Reporting by Tim Kelly; Editing by Sunil Nair and Christian Schmollinger)

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