UPDATE: Roche Holders Pool Extended As Families Secure Grip
January 28 2009 - 3:43AM
Dow Jones News
The families controlling Roche Holding AG (ROG.VX) Wednesday
said they have extended their pool indefinitely, securing their
grip on the Swiss pharmaceutical giant.
The extension of the contract, which was due to expire at the
end of 2009, signals the families' commitment to preserve Roche's
"independent and autonomous character for the long term," said
Scobag Privatbank, the family bank.
Members of the Oeri and Hoffmann families, among the wealthiest
individuals in Switzerland, own more than 80 million bearer shares,
or just over 50% of Roche's shares issued. On top of that,
individual family members own an unspecified amount of stock
outside the pool.
The pact includes provisions on the exercising of the voting
rights and restrictions regarding the disposal of the shares, which
weren't specified.
There were some changes within the group: Beatrice Oeri has
decided to leave the pool as of Apr. 1, 2009, while the first
representatives of the fifth generation will join. The pool will in
future comprise nine members.
Roche welcomed the decision.
"Particularly in these economically turbulent times, we are very
happy being able to count on such a highly stable group of
shareholders," Chairman Franz Humer said.
Basel-based Roche plans to acquire the remainder of U.S.-based
biotechnology company Genentech Inc. (DNA), in which it owns a
majority.
Another large shareholder of Roche is cross-town rival Novartis
AG (NOVN.VX) which owns a third of Roche's voting rights.
Novartis Chief Executive Daniel Vasella Wednesday ruled out the
company becoming involved in a big merger, saying the Swiss
drugmaker will continue to focus on making small, opportunistic
takeovers.
On the Swiss bourse at 0810 GMT, the Roche certificate, the more
liquid of the two share categories, fell 1.70 Swiss francs, or 1%,
to CHF164.80, in a flat general market.
Company Web Site: http://www.roche.com
-By Martin Gelnar, Dow Jones Newswires, +41 43 443 8042;
martin.gelnar@dowjones.com
(Anita Greil in Zurich contributed to this article.)
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