Roche CEO: Still Very Committed To Genentech Takeover
February 04 2009 - 2:37AM
Dow Jones News
Roche Holding AG (ROG.VX) is still very committed to its
intention of taking over the minority shareholdings of Genentech
Inc. (DNA), Chief Executive Severin Schwan said Wednesday.
Speaking in an interview with financial news channel CNBC
Europe, Schwan rejected the notion that the new, lowered bid for
Genentech was a "face-saving retreat."
Friday Roche launched a hostile takeover bid for Genentech at
$86.50 per share, after negotiations with a Genentech special
committee failed to lead to a merger.
Roche currently owns 55.8% of the Genentech outstanding
shares.
-By Hans Schoemaker, Dow Jones Newswires; +41-43-4438045;
hans.schoemaker@dowjones.com
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