Jardine Matheson Holdings Ltd on Monday said it plans to buy the remaining 15% of Jardine Strategic Holdings Ltd that it does not already own for about $5.5 billion to simplify the structure of the sprawling Asian conglomerate. Singapore-listed Jardine Matheson, whose businesses include construction, aviation and automotive, has offered to pay $33 in cash for each Jardine Strategic share, representing a premium of 20% to the stock’s closing price on Friday.

Jardine Matheson was founded in 1832 and has businesses across China and Southeast Asia, with Hong Kong its single biggest market.

Jardine Matheson shares were 8.3% higher while Jardine Strategic has jumped 20% in Monday morning trade, whereas the broader market was up 1.8%.

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