Novartis to Sell Roche Stake to Roche for $20.7 Billion
04 Novembre 2021 - 8:03AM
Dow Jones News
By Sarah Sloat
Novartis AG and Roche Holding AG said Thursday that the Swiss
pharmaceutical companies have agreed for Novartis to sell its
holding of Roche bearer shares to Roche for a total consideration
of $20.7 billion.
Novartis said it expects to report a gain from the transaction
of approximately $14 billion.
The companies said the purchase would be debt-financed by Roche.
It plans to cancel the shares it acquires from Novartis, raising
its free float to 24.9% from 16.6% currently.
Novartis has held Roche shares since 2001 and currently holds
53.3 million bearer shares of Roche's common stock, about 33% of
aggregate outstanding bearer shares. Novartis acquired the stake
between 2001 and 2003 for a total of about $5 billion as a
long-term investment.
"I am convinced that the envisaged transaction is in the best
interest of Roche and the holders of Roche equity securities from a
strategic and economic perspective," Christoph Franz, Roche's
chairman of the board of directors, said.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
November 04, 2021 02:48 ET (06:48 GMT)
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