IDCBY Industrial and Commercial Bank of China Ltd (PK)

By Dominic Chopping

STOCKHOLM--A Chinese consortium led by hospitality and travel group Jin Jiang International Holdings Co. launched a mandatory public offer on Tuesday to buy the remaining shares it doesn't already own in Swedish hotel chain Radisson Hospitality AB (RADH.SK), valuing the company at 6.98 billion Swedish kronor ($771 million).

The consortium--comprising Jin Jiang and SINO-CEE Fund--had previously paid SEK35 a share for 50.21% of the company. On Tuesday it offered to pay SEK40 a share for the remaining stake, a near 10% premium to Monday's closing price of SEK36.50.

The acceptance period of the offer is expected to start on Jan. 7, 2019, and expire on Feb. 1.

Radissson said its independent committee will evaluate the offer and announce its view no later than two weeks before the end of the acceptance period, ie not later than Jan. 18, 2019.

The Sino-CEE fund was set up by a unit of the Industrial and Commercial Bank of China Ltd. (1398.HK) to invest in infrastructure, high-tech manufacturing and mass consumption industries in central and eastern Europe.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

December 11, 2018 07:46 ET (12:46 GMT)

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