Deals
Biostime Surges to Record on Purchase of Health-Supplement Maker
- Chinese baby formula maker buys Australia's Swisse Wellness
- Biostime arranges $450 million in bridge financing for deal
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Biostime International Holdings Ltd., the Chinese infant formula producer, surged to a record in Hong Kong trading after agreeing to take control of Australian health-supplement maker Swisse Wellness Group Pty for A$1.3 billion ($934 million).
The company will pay A$1.34 billion in cash and issue 20.5 million new shares as payment for the 83 percent stake, according to a Hong Kong stock exchange . The stock jumped as much as 34 percent to HK$18.08, and traded at HK$17.28 as of 10:26 a.m. local time.