UPDATE 1-LG Chem to buy LG Life Sciences for nearly $1 bln

September 12, 2016 12:25 AM

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SEOUL, Sept 12 South Korean chemicals and battery maker LG Chem on Monday said it plans to acquire pharmaceutical affiliate LG Life Sciences for about 1.1 trillion won ($989.56 million) to make its bio business a new growth engine.

LG Life Sciences investors will receive about 0.26 of a common share in LG Chem for each share they own and about 0.25 of a preferred share in LG Chem, the two companies said in a regulatory filing.

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