Inner Mongolia Yili Industrial (SHA:600887) was able to acquire 36% of China Youran Dairy (HKG:9858) through a share placement for HK$1.17 billion, according to a Shanghai bourse filing on Tuesday.
The dairy products manufacturer subscribed through its subsidiary, Boyuan Investment Holdings, for 299,250,000 newly issued shares for HK$3.92 per share.
Yili's shares dropped 2%, while Youran's shares fell 1% during the morning trade.
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