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Ping An to buy up to 10 pct of Yunnan Baiyao

Mon Aug 4, 2008 10:10pm EDT

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SHANGHAI, Aug 5 (Reuters) - Ping An Insurance (Group) of China (2318.HK) (601318.SS) plans to buy up to 10 percent of pharmaceutical firm Yunnan Baiyao Group 000538.SZ in a deal that could be worth about $260 million at current market values. Ping An has reached a basic agreement to buy a Yunnan Baiyao stake via a private placement of new shares, Yunnan Baiyao said in a statement with the exchange on Tuesday. It gave no financial details but said that Ping An would become a strategic investor.

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Yunnan Baiyao, based in southwestern China's Yunnan province, has a total market capitalisation of $2.37 billion, based on its latest share price, according to Reuters data, indicating a 10 percent holding of its expanded capital could be worth around $260 million.

Yunnan Baiyao's shares have been suspended since July 29 pending an announcement about its fund-raising plans and will resume trading no later than Aug. 12, the company said. (Reporting by Samuel Shen; Editing by Edmund Klamann)

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