Speculating in Takeover Targets Message Board

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Strategies & Market Trends : Speculating in Takeover Targets

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Dec 26 9:30 AM EST

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To: richardred who wrote (665)	7/19/2005 12:45:17 PM
From: richardred	Read Replies (1) of 7254

The question what competitor? Novartis Receives FTC OK for Eon Buy Tuesday July 19, 12:32 pm ET Novartis Receives FTC Clearance for Acquisition of Eon Labs on Condition It Divest 3 Brands NEW YORK (AP) -- Novartis AG on Tuesday said its plan to acquire Eon Labs Inc. was approved by U.S. antitrust authorities on the condition the Swiss drug maker divest three of its brands to a competitor. The U.S. Federal Trade Commission said it would not stand in the deal's way so long as Novartis sells assets to make and market generic desipramine hydrochloride tablets, orphenadrine citrate extended release tablets and rifampin oral capsules in the United States to Amide Pharmaceutical Inc. Sales of the the drugs totaled $5 million last year, according to the company. Novartis announced in February that it would buy generic drug makers Eon Labs and Germany's Hexal AG for $8.3 billion, in a move to create the world's largest generic drug company. Santo Holdings GmbH owns Eon through Hexal. The company is paying about $7.3 billion for Hexal and the two-thirds of Eon that the German company owns. In addition, Novartis expects to spend nearly $1 billion to buy the remaining Eon Labs shares, which trade on the Nasdaq Stock Market. Novartis' tender offer for a 67.7 percent stake in Eon values its shares at $31. In late May, the European Union cleared the transactions, but told Novartis it must shed some products in EU member states. Shares of Eon Labs rose 11 cents to $30.97 in afternoon trading on the Nasdaq. Meanwhile, American depositary shares of Novartis shed 40 cents to $48.65 on the New York Stock Exchange. biz.yahoo.com

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