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

Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary. You can use this link on the day this article is published and the following day.