Johnson & Johnson offers to buy the rest of Japan's Ci: z

Johnson and Johnson said it plans to acquire the remaining 80 percent of Japan's Ci: z Holdings, which does not already own $ 230 billion ($ 2 billion), as the world's largest healthcare provider appears to strengthen its presence in Japan's skin care market

Under the all-cash agreement, which was recommended by the board in Ci: Z on Tuesday, J & J will offer ¥ 5,900 per share, representing a 55 per cent increase over Tuesday's closing price.

The US conglomerate, through its subsidiary, bought 19.9 percent of the Japanese cosmetics maker in 2016, making it the second largest shareholder. The agreement also gave J & J exclusive rights to sell Ci: Z's skin care products, such as Dr. Ci: Labo and Genomer, outside of Japan.

J & J's offer for the rest of Ci: Z's shares comes as the Japanese company has broken the need to expand sales abroad to compensate for the declining number of online customers in the home market.

Jorge Mesquita, worldwide leader of J & J Consumer, said in a statement: "This transaction will maximize value creation for Johnson & Johnson's consumer business by introducing a flexible innovation model and accelerating sales rapidly through our global commercialization capabilities."

Prior to announcement, the shares in Ci: Z fell 1[ads1].7 percent to 3,800 kroner.