Hafslund Nycomed To Demerge
After the failed attempt by Hafslund Nycomed to merge with US drug company Ivax (Marketletters passim), the Norwegian firm has decided to demerge its pharmaceutical operations from its energy operations to form two separate companies, Hafslund and Nycomed.
Nycomed will be a strictly pharmaceutical company, while Hafslund's business will be energy and the firm will also manage Hafslund Nycomed's stock investment portfolio.
The demerger is yet to be approved by the firm's shareholders, requiring a two-thirds majority for adoption. If approved, shareholders will receive one share in Hafslund AS and one share in Nycomed AS for each share held in Hafslund Nycomed.
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