Shanghai Schering-Plough Pharmaceutical To Transfer 45 Percent Stock

Shanghai Schering-Plough Pharmaceutical, a joint venture 55 percent owned by Schering-Plough (China) Ltd., recently listed 45 percent of its equity-30 percent owned by Shanghai Pharmaceutical Industry Co. and 15 percent by Shanghai Pharmaceutical (Group)-on Shanghai United Assets and Equity Exchange for 66.329 million yuan (9.5 million). The two Chinese partners' pullout paves the way for Schering-Plough (China) to gain full control of Shanghai Schering-Plough Pharmaceutical; according to transfer terms, the foreign MNC has first rights to bid for the shares. Shanghai Schering-Plough Pharmaceutical has to defer to the policies of majority shareholder Schering-Plough (China) for its supplies and product export; thus any third-party deal will need the latter's blessings. (Click here for more - Chinese Language)