Bayer said late Monday, April 16, that it would sell new shares to investment company Temasek for roughly €3 billion (US$3.7 billion); the proceeds of which Bayer will use to help finance its takeover of Monsanto.
The German drugmaker stated that under the agreement, Bayer is to issue to a subsidiary of Temasek at an at-market price the new registered (no-par value) shares with an entitlement to dividends as of January 1, 2017.
The company said that on completion of the capital increase, together with its existing shareholdings in Bayer, Temasek will hold approximately 4% of the issued capital stock of Bayer. The shares issued to Temasek will not be subject to any lock-up period.
“We are very pleased that Temasek has significantly increased its holding in our company. Temasek takes equity positions in leading companies globally and is a long-term investor. This investment affirms our business strategy including the proposed acquisition of Monsanto, as well as Bayer’s strong growth prospects,” said Bayer CEO Werner Baumann.
Full Content: The Online Citizen
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
FCC Votes to Restore Net Neutrality Rules
Apr 25, 2024 by
nhoch@pymnts.com
Apple Rejects Spotify’s Updated App Over In-App Pricing Disclosure
Apr 25, 2024 by
CPI
FCC Set to Reinstate Net Neutrality Rules Today
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI