Novartis starts "squeeze out" for remaining Speedel shares

Drug major Novartis says that it now holds 99.8% of the current outstanding public shares in fellow Switzerland-based Speedel Holding following completion of a mandatory public tender offer (Marketletter August 11). A "squeeze out" procedure will now be started to cancel remaining shares under the same terms of the public tender offer (130 Swiss francs per share).

This procedure, which is governed by Swiss law, is expected to close in early 2009. The shares of Speedel will be delisted from the Swiss Stock Exchange upon completion of the cancellation procedure.