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In Brief: Pharmacia & Upjohn

This article was originally published in The Rose Sheet

Executive Summary

Pharmacia & Upjohn: AB Volvo will sell two-thirds of its 13.8% equity position, or 46 mil. shares, in Pharmacia & Upjohn on July 29 at $40 per share, Volvo announced July 24. The buyers are "a large number of institutional investors, based mainly in Europe and North America," Volvo said. Following the sale, Volvo will hold between 3.3% and 4.7% of P&U, dependent upon the exercise of a 6.9 mil. share oversubscription option by investment bankers Goldman Sachs and Merrill Lynch. The transaction presumably will give P&U more flexibility in making acquisitions; Volvo was understood to be behind the withdrawal of P&U's proposed acquisition of Allergan...
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