2007-05-29 08:37:49 -

MELBOURNE, Australia (AP) - Healthscope Ltd., Australia's second-largest private hospital operator, said Tuesday it has offered 2.86 billion Australian dollars (US$2.34 billion; ¤1.74 billion) for Symbion Health Ltd., an acquisition that would make it the country's largest pathology services provider.

The purchase would also give Healthscope a leading position in diagnostic imaging and medical

centers.

«The combination of our businesses will create an integrated healthcare company with a business mix reweighed towards attractive sectors of the healthcare market,» Healthscope Chairman Kevin McCann said.

The new joint entity may have to sell some pathology assets to avoid antitrust concerns, Healthscope Managing Director Bruce Dixon told reporters on a conference call.

After the purchase of Symbion by Healthscope, buyout specialists Ironbridge Capital and Archer Capital will buy Symbion's drug distribution and consumer products units for about A$1 billion (US$820 million; ¤610 million).

Ironbridge and Archer already have interests in the pharmaceuticals sector after buying 3M Co.'s Asian pharmaceuticals unit for US$349 million (¤259.42 million) in November.

Symbion has also been approached by rival drug maker and wholesaler Sigma Pharmaceuticals Ltd. and will allow three weeks for a superior offer to emerge, Symbion Chief Executive Robert Cooke told reporters on a conference call.

Symbion investors will meet August 13 to vote on the Healthscope offer.

In intraday trade, Symbion shares were up 3 cents at A$4.42, extending its gain to more than 21% since Apr. 1 amid takeover speculation. Healthscope stock was up 12 cents at A$5.86.