Solvay keep quiet on meeting Abbott over pharma unit sale

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.

This offer puts the US pharmaceutical company in direct competition with Nycomed, the private equity-owned Swiss drugmaker, which is looking to improve its proposal following a recent bid of between €4bn ($5.8bn) and €4.5bn for the unit.

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 has an investors' day planned for 29 September.

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By: Franco Capaldo
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