Family-owned German drugmaker E Merck is planning to raise some 2.0-2.6 billion Deutschemarks ($1.43-$1.85 billion) through a public offering of around 25% of its shares, probably in late September. The group has a complex structure with direct holdings in five German, one French and one Swiss company, and a controlling 53% stake in the Switzerland-based Merck AG holding company which is quoted on the Zurich stock exchange.
The company, which for 1994 reported pretax profits of 580 million marks, up 40% on the previous year, is seeking to list its shares on several stock exchanges, including Frankfurt, London and Zurich. According to a Wall Street Journal comment, E Merck is targeting US institutional investors, with 20%-30% of the placement possibly ending up in US hands.
Meantime, Schwartz Pharma, another private health care company which had planned a share placement, has decided to delay its flotation because of the downturn in the German bourse.
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