The Royal Dutch DSM Group announced on the 17th that it has reached an agreement with Sinochem Corporation to form a new global anti-infective drug joint venture company. As part of the joint venture agreement, Sinochem will purchase a 50% stake in DSM's anti-infectives business for cash of EUR 210 million.
The headquarters of the new company will be established in Hong Kong. Currently, the total number of DSM's anti-infective business is about 2,000. They will become part of the new corporate entity. DSM's factory in Delft, the Netherlands, will also be part of the new company. Both parties expect to complete delivery in the second quarter of 2011. If the delivery is completed, the transaction will go back to effective January 1, 2011.
Stephen Tunda, a member of the DSM Group's Board of Directors, stated that "this partnership has enabled us to seize market opportunities in China and other economies."
The above news stimulated DSM's performance on the Amsterdam Stock Exchange on the 17th. Market analysts are generally optimistic about this cooperation project, and believe that the transaction price is also more reasonable. Michel Foer, securities analyst at SNS, said: "The completion of the joint venture project will make DSM's dream of entering the Chinese market come true, and the group will also receive a solid backing from its partners."
The headquarters of the new company will be established in Hong Kong. Currently, the total number of DSM's anti-infective business is about 2,000. They will become part of the new corporate entity. DSM's factory in Delft, the Netherlands, will also be part of the new company. Both parties expect to complete delivery in the second quarter of 2011. If the delivery is completed, the transaction will go back to effective January 1, 2011.
Stephen Tunda, a member of the DSM Group's Board of Directors, stated that "this partnership has enabled us to seize market opportunities in China and other economies."
The above news stimulated DSM's performance on the Amsterdam Stock Exchange on the 17th. Market analysts are generally optimistic about this cooperation project, and believe that the transaction price is also more reasonable. Michel Foer, securities analyst at SNS, said: "The completion of the joint venture project will make DSM's dream of entering the Chinese market come true, and the group will also receive a solid backing from its partners."
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