Tuesday, July 22, 2008
MERGERS & ACQUISITIONS
Roche Bids for Genentech Takeover
Swiss pharmaceutical maker Roche offered $43.7 billion for the remaining shares of its U.S. biotech partner Genentech, seizing an opportunity to increase earnings from Genentech drugs.
Roche said a takeover would improve efficiency, eliminate duplications and increase scale in the United States.
Roche already owns 55.9 percent of Genentech. It offered $89 per remaining share, 19 percent above the price a month ago. Genentech shares climbed above the offer price yesterday, to $93.88.
The company took no position on the offer, but said a special committee of its board would meet promptly to decide on a response.
TRADEE.U. Offers Bigger Cut in Farm Tariffs
The European Union said it would be willing to slash farm tariffs by an average of 60 percent as part of a new global commerce pact.
E.U. Trade Commissioner Peter Mandelson said the offer, up from 54 percent, was designed to kick-start a week of crucial talks for the World Trade Organization's seven-year effort to open up the global economy. Negotiators are hoping for agreement this week on a deal that would liberalize world agriculture and manufacturing.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
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