China Resources Pharma Unit Emerges Top Bidder for Lier Chemical Stake
China Resources Pharmaceutical's (HKG:3320) indirect subsidiary China Resources Double-Crane Pharmaceutical (SHA:600062) has emerged as the top bidder to acquire a 23.5% stake in Lier Chemical (SHE:002258), according to a Wednesday Hong Kong bourse filing.Double-Crane ranked first in a public bidding process for 188.1 million shares being sold by Sichuan Jiuyuan Investment and Sichuan Huacai Technology. It currently holds no interest in Lier Chemical, the filing said.The company said the potential acquisition would support its synthetic biology strategy by strengthening its presence in crop and animal protection, one of its four core focus areas.The transaction remains subject to the execution of definitive agreements and satisfaction of customary conditions, and may or may not proceed.
