Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : Pharma News Only (pfe,mrk,wla, sgp, ahp, bmy, lly) -- Ignore unavailable to you. Want to Upgrade?

To: R. K. (Chip) Constantian Jr. who wrote (303)	6/12/1998 12:27:00 PM
From: Anthony Wong	Respond to of 1722

SmithKline Denies Merger Talks, CEO Won't Resign (Update1) Bloomberg News June 12, 1998, 12:07 p.m. ET SmithKline Denies Merger Talks, CEO Won't Resign (Update1) (Adds closing share price in 5th paragraph) London, June 12 (Bloomberg) -- SmithKline Beecham Plc is not now in merger discussions and Jan Leschly, the drugmaker's chief executive, has no plans to resign, a company spokeswoman said. Lynne Smith, spokeswoman for Britain's second-biggest drugmaker, denied newspaper reports that SmithKline may be in discussions to either revive merger discussions with fellow U.K. drug company Glaxo Wellcome Plc or start talks with another company. The company broke off merger talks with Glaxo in February and American Home Products Corp. in January. ''The company denies that Leschly plans to resign,'' said Smith. ''And we have a strong independent future and have no plans for any mergers.'' The Financial Times reported that there was ''speculation that meetings between the two companies had taken place recently.'' The Daily Mirror revived a months-old story suggesting the Mercury Asset Management, a leading U.K. fund and investor in both companies, ''issued a stern warning to two of the best-paid bosses in Britain: get together or get out.'' SmithKline shares closed up 19 pence, or 2.6 percent, to 737p in London. SmithKline American depositary receipts were recently trading up 1 1/8 at 59 3/4. Glaxo shares closed up 2 pence at 1,742p. In New York, Glaxo ADRs were trading down 1/8 at 56 3/8. --Dane Hamilton in the London newsroom (44-171) 330-7727/mn