November 18, 2019 / 7:48 AM / 4 months ago

Mitsubishi Chem to spend $4.5 billion to buy rest of Mitsubishi Tanabe

TOKYO (Reuters) - Mitsubishi Chemical Holdings Corp (4188.T), Japan’s largest chemical maker, said on Monday it will pay 491.8 billion yen ($4.51 billion) to make Mitsubishi Tanabe Pharma Corp (4508.T) a fully owned subsidiary.

Mitsubishi Chemical will offer 2,010 yen for each share it doesn’t already own in Mitsubishi Tanabe, it said in a statement to the Tokyo Stock Exchange. That is a 50% premium to the drugmaker’s closing price of 1,338 yen per share in Tokyo trading.

The chemical maker already held more than 56% of shares in Mitsubishi Tanabe, Japan’s eighth largest drugmaker by revenue, according to Refinitiv data.

The Osaka-based pharma company was the product of a 2007 merger between Mitsubishi Pharma Corp and Tanabe Seiyaku. It focuses on autoimmune, diabetes, renal and central nervous system treatments.

Reporting by Rocky Swift; Editing by Muralikumar Anantharaman

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below