March 5, 2008 -- Topsun Science and Technology (SHA: 600771) has agreed to extend the deadline for the giant German pharmaceutical company Bayer AG (XE: 575200) to close its 1.26 billion RMB ($177 million) purchase of Topsun’s portfolio of OTC cold drugs. Bayer must now complete the purchase by June 30, 2008. When the acquisition had not closed in February 2008, Topsun announced Bayer was in danger of losing the deal, but a new agreement was signed on February 29, extending the deadline for four months. It is not clear what is keeping Bayer from completing the purchase. More details...
