October 18, 2016 / 3:00 PM / a year ago

Recordati wants to stay independent - chairman

MILAN (Reuters) - Italian drugmaker Recordati wants to remain an independent player even though the group is exposed to the mergers and acquisitions market, the chairman said on Tuesday.

“In the sea the big fish eats the smaller one... but we want to be independent because independence for a company is like freedom for an individual,” Alberto Recordati said on the sidelines of a conference.

The death in August of long-standing company head Giovanni Recordati stoked speculation over the future of the Milan-based company after media reports the family might be ready to loosen its grip.

The group has repeatedly denied it is up for sale but a banking industry source in August said Recordati had sounded out potential market interest.

Reporting by Gianluca Semeraro, writing by Stephen Jewkes

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