Vested
Singapore Hot Stocks-C&O surges on Shionogi's takeover offer
SINGAPORE, Aug 2 (Reuters) - Shares of Singapore-listed Chinese drugmaker C&O Pharmaceutical Technology surged as much as 8.9 percent on Tuesday after Japan's Shionogi <4507.T> said its plans to take control of the firm for 14.3 billion yen ($185.3 million).
Around 0105 GMT, C&O shares were up 6.7 percent at S$0.48 on a volume of 3.9 million shares, 2.7 times the average daily volume in the last 30 days.
Shionogi had agreed to buy a 24 percent stake from C&O's largest shareholder Leo Star Development and will make a general offer at a price of S$0.50 per share, a premium of around 11 percent over C&O's last traded price on July 28 before the shares were suspended.[ID:nL3E7J10HF]
Shionogi intends to jointly operate C&O with Sumitomo Corp <8053.T>, which holds about 29 percent of the total issued shares of C&O, the Singapore-listed firm said in a statement.
Source: Reuters