Indian pharmaceutical company Ranbaxy Laboratories Ltd. (BOM:500359) and Nippon Chemiphar Co. Ltd. (TYO:4539) have agreed to dissolve their Japanese joint venture. Ranbaxy will sell its 50% stake in the venture to Nippon Chemiphar. Ranbaxy, India's largest generic drug maker by revenue, is 63.92%-owned by Japan's Daiichi Sankyo Co. Ltd. (TYO:4568).
Sydney, Dec 9, 2009 AEST (ABN Newswire) - US stocks fell on Tuesday on disappointing corporate news and renewed worries over global credit markets. Asian stocks mostly opened lower today with Australian and Japanese markets slashed sharply at opening.
Asian markets ended mostly lower Tuesday with banks generally weaker across the region. Japanese exporters suffered from the yen's renewed strength while Hong Kong shares fell as Chinese banks declined on concerns about possible fund-raising plans.
Company News
Suzuki Motor Corp. (TYO:7269) said Wednesday that there is no truth to media reports saying that a decision has been made regarding Volkswagen AG (ETR:VOW) purchasing a stake in the Japanese auto maker. Shares of Suzuki rose more than 4 per cent after the news that Volkswagen AG is planning to acquire up to 20 percent in the Japanese automaker. People familiar with the talks said the deal may lead to the German carmaker sinking more than 300 billion yen into Suzuki.
Japan's Chiyoda Corp (TYO:6366) and JGC Corp (TYO:1963) have received an order to build production equipment for the Papua New Guinea Liquefied Natural Gas Project, said a media report on Wednesday. The order is worth an estimated 400 billion yen. The equipment will be for a US$15 billion LNG project which ExxonMobil Corp (NYSE:XOM) and partners Tuesday approved to proceed.
Hyundai Steel (SEO:004020) said it has signed an agreement with the Korea Forest Service to jointly conduct campaigns for forest protection and conservation, as part of efforts to reduce green house gas emissions in line with the government's low-carbon green growth strategy. Hyundai Steel and the KFS reached the agreement as they share the need for a reduction of carbon through forest protection and conservation, according to the steelmaker.
Taiwan's Arima Optoelectronics Corp. (TPE:6289) said Tuesday it has signed a contract with Changzhi High Tech Industry Investment Co. to set up a light-emitting diode epiwafer and chip manufacturing joint venture. Arima said this will be its first investment in China and it is the only way to enter the TV and notebook computer backlighting industry supply chain in China.
Indian pharmaceutical company Ranbaxy Laboratories Ltd. (BOM:500359) and Nippon Chemiphar Co. Ltd. (TYO:4539) have agreed to dissolve their Japanese joint venture. Ranbaxy will sell its 50% stake in the venture to Nippon Chemiphar. Ranbaxy, India's largest generic drug maker by revenue, is 63.92%-owned by Japan's Daiichi Sankyo Co. Ltd. (TYO:4568).
Shares of Aeon Co Ltd (TYO:8267) surged today after Women's clothing chain The Talbots Inc. (NYSE:TLB) said Tuesday that it intends to buy back the 54% stake that Aeon holds in the retailer. Talbots will reduce its debt by about US$330 million under the merger agreement with BPW Acquisition Corp.(AMEX:BPW), an acquisition vehicle with $350 million in cash. The deal will repay US$491 million Talbots borrowed from Aeon and some Japanese banks and retire Aeon's 29.9 million Talbots shares.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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