Around the world

Creat takeover of Biotest closes

German plasma proteins and biological drugs provider Biotest AG announced on Wednesday the takeover offer by Tiancheng (Germany) Pharmaceutical Holdings AG, a subsidiary of Chinese company Creat Group Corp, became effective and could be settled.

According to a statement on the website of Biotest, the Tiancheng offer and payment of the purchase price to the custodial bank of the accepting Biotest shareholders was settled promptly.

Tiancheng will hold approximately 90 percent of Biotest’s ordinary shares and voting share capital, it said.

Life-Space acquired for $862m

China-based dietary supplements company BY-Health announced on Wednesday it agreed to take over Australian probiotics maker Life-Space Group for A$690 million ($861.88 million).

According to a filing to the Shenzhen Stock Exchange, the deal still needs approval from the Australian Foreign Investment Review Board.

Founded in 1993, Life-Space is a Melbourne-based probiotics producer. Its products entered the Chinese market in 2014 via cross-border e-commerce.

Tencent, Sony to form music label

Tencent Music Entertainment Group, the music arm of Tencent Holdings, on Wednesday announced jointly with Sony Music Entertainment plans to set up a new music label, a first for Tencent.

The new label, called Liquid State, will promote electronic dance music by showcasing Asian and international DJs in a genre that Tencent Music chief executive Cussion Pang said was getting increasingly popular in Asia.

Tencent, China’s largest gaming and social media company, competes against Alibaba Group and NetEase Inc for China’s growing digital music market.