US: FTC clears Takeda’s proposed US$62b Shire takeover

Takeda Pharmaceutical has received US regulatory approval for its US$62 billion takeover of Irish drugmaker Shire, clearing a “significant” hurdle to completing Japan’s largest-ever outbound acquisition, reported Bloomberg.

The purchase remains subject to a number of conditions, the Japanese company announced in a statement Tuesday, July 10, including other regulatory clearances and approval by shareholders of both companies.

The Federal Trade Commission’s nod gives a further boost to Chief Executive Officer Christophe Weber’s efforts to sell the deal to investors. Japanese shareholders have been in the forefront of those criticizing the company’s expansion plans and voicing concerns over risks the purchase poses to Takeda’s dividend and credit ratings.

“One of the biggest steps Takeda has to go through is getting approval from their shareholders, and the fact that they got approval from the US will help convince shareholders about the deal,” said Kyouko Amemiya, senior market adviser at SBI Securities.

Full Content: Bloomberg

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