Alliance Boots enters Chinese market UPDATE |
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Published
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Mon, 29 Jan 2007 09:13
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(Recasts, adds detail)LONDON (AFX) - Alliance Boots PLC, the international health and beauty group, said it is to enter the Chinese market after forming a joint venture with Guangzhou Pharmaceutical Company Ltd, the majority state-owned pharmaceutical enterprise that is listed on the Hong Kong and Shanghai stock exchanges.The deal will see Alliance Boots take a 50 pct stake in Guangzhou Pharmaceuticals Corporation (GP Corp), the third largest pharmaceutical wholesaler in China that is currently 90 pct owned by Guangzhou Pharmaceutical Company Ltd.Alliance Boots' 50 pct stake is costing 38 mln stg. On this investment 20 pct is through a partnership with Beijing Med-Pharm Corporation (BMP), a US-listed pharmaceutical marketing and distribution company with existing operations and experience in China.newsdesk@afxnews.comjdd/slmCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Alliance Boots merger completed; company confident of cost savings 