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Australia's Symbion sees FY08 EBIT growth over 10%

Thu Nov 29, 2007 11:05pm EST

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MELBOURNE, Nov 30 (Reuters) - Australian healthcare firm and takeover target Symbion Health Ltd SYB.AX said it expects at least 10 percent earnings growth this year due to a strong performance at its pharmacy and medical testing businesses.

It told shareholders at the annual meeting that the figure was in line with the market consensus

Shareholders were to have voted on Friday on a A$2.8 billion ($2.5 billion) sale of its radiology and pathology assets to rival Healthscope Ltd (HSP.AX) and the sale of its pharmacy arm to two private equity firms, but the deals were scrapped this week due to an unfavourable tax ruling.

Smaller pathology rival Primary Health Care Ltd (PRY.AX), which owns nearly 20 percent of Symbion, has an offer of A$4.10 a share on the table, which Symbion has rejected, saying it is worth at least A$4.50 a share. ($1=A$1.13) (Reporting by Sonali Paul)



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