Sinocare partners Citic unit to bid for Bayer's diabetes business
Hong Kong
SINOCARE INC, a Chinese maker of blood sugar monitors, teamed with an arm of the country's largest brokerage to enter the bidding for Bayer AG's diabetes devices business, people with knowledge of the matter said.
Sinocare made an offer of about US$1 billion with Citic Securities Co's direct investment unit Goldstone Investment Co, the sources said, asking not to be identified as the information is private. It has reached out to Chinese banks to seek financing for a potential deal, one of the sources said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Shareholders raise questions over dividend payout, directors’ salaries at Best World AGM ahead of proposed privatisation
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials