25 September 2009 17:29 [Source: ICIS news]
LONDON (ICIS News)--Solvay declined to comment on Friday when asked if it had met with any potential bidders to discuss the purchase of the Belgian conglomerate's pharmaceutical unit.
It has been widely reported that Abbott Laboratories had made an offer to purchase Solvay’s pharmaceutical unit and that a meeting between the boards would take place on Friday, despite Abbott anouncing as recently as July that it was not interested.
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It is understood that if Nycomed, which produces heartburn treatment Pantoprazole, bought Solvay, it could bring about large cost savings and increase its exposure to emerging markets. Solvay wants to sell its pharmaceutical unit, which has been up for sale since April, to raise funds for acquisitions in its chemicals portfolio.
Solvay wants to sell its pharmaceutical unit, which has been up for sale since April, to raise funds for acquisitions in its chemicals portfolio.Solvay has an investors' day planned for 29 September. To discuss issues facing the chemical industry visit ICIS connect
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