HONG KONG (Reuters) - China Resources Pharmaceutical Group Ltd (3320.HK) said on Monday it would make a 4.28 billion yuan ($667 million) general offer for all outstanding shares of Jiangzhong Pharmaceutical Co Ltd (600750.SS) after a deal to buy control of its parent.
China Resources Pharmaceutical said it would make a general offer of 25.03 yuan apiece for the outstanding 170.92 million shares of Jiangzhong Pharmaceutical, on completion of buying control of parent of the Shanghai-listed firm in a deal yet to be concluded.
Jiangzhong Pharmaceutical said in a separate statement that the Hong Kong-listed company planned to buy at least 51 percent of Jiangzhong Group, which owns 43.03 percent of the Shanghai firm. The deal will give the Hong Kong company more than 30 percent of the Shanghai-listed firm.
Last month, China Resources Pharmaceutical said it was in talks with the provincial government of the southeast province of Jiangxi to buy a controlling stake in Jiangzhong Group.
Reporting by Donny Kwok; Editing by Stephen Coates