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Sweden's' Meda to buy Rottapharm after Italian firm's failed IPO
July 31, 2014 / 6:45 AM / 3 years ago

Sweden's' Meda to buy Rottapharm after Italian firm's failed IPO

STOCKHOLM, July 31 (Reuters) - Swedish drug maker Meda said on Thursday it had agreed to buy Italy’s Rottapharm, which this month pulled plans for a stock market floatation, for 21.2 billion Swedish crowns ($3.08 billion).

The Italian pharmaceuticals firm had cited unfavourable market conditions for pulling the plans, as Italy’s market for new share issues shows signs of flagging.

Meda said in a statement it estimated cost synergies from the deal of around 900 million crowns annually with full effect in 2016, and it expected to finalise the deal in the fourth quarter.

$1 = 6.8793 Swedish Crowns Reporting by Stockholm Newsroom

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