Indofood to buy into Minzhong

Indonesia's Indofood Sukses Makmur Tbk PT launched an offer for Singapore-listed China Minzhong Food Corp, valuing the company at around S$734 million ($575 million).

Indofood announced on Monday that it had agreed to buy from the market 25.59 million shares in Minzhong, representing 3.9 percent of its total issued shares.

Minzhong's shares plunged by nearly half last week after it came under attack from California-based Glaucus Research.