Novo Nordisk acquires majority stake in Brazil's Biobras for $31.4 million
Denmark's Novo Nordisk has acquired a controlling stake in the Brazilianfirm Biobras, which is listed on the Sao Paulo stock exchange. In total, Novo is to pay 75.4 million reals ($31.4 million) for the stake, representing 76% of the voting shares and 39% of the Montes Claros-based firm's total capital.
Novo will acquire the shares in Biobras which are currently held by Biopart, a Brazilian limited company that is owned by Biobras' founders, for 53 million reals, and buy the remainder from the Brazilian National Development Bank. The agreement will not impact Novo's earnings expectations for 2001.
Following completion of the deal, Novo plans to launch a delisting tender offer for all of the remaining shares in Biobras. The Danish company noted that the acquisition is subject to clearance by the relevant Brazilian competition authorities, which is anticipated during the first half of 2002. .
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