Franshion to buy Jin Mao for 11b yuan

Franshion Properties (China) says it has agreed to buy Jin Mao, which holds Jinmao Tower and some hotels on the mainland, for 11 billion yuan (HK$12.37 billion) in cash and shares. The developer says it will buy from Sinochem Hong Kong the entire interest of Wise Pine, which controls 54.87 per cent of Jin Mao, for 6.04 billion yuan. It will pay 2.41 billion yuan in cash and issue 1.19 billion shares at HK$3.43 each to Sinochem Hong Kong. Franshion will also buy the remainder of Jin Mao for 4.96 billion yuan from seven Wise Pine shareholders.