We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Name | Symbol | Market | Type |
|---|---|---|---|
| Novartis AG | NYSE:NVS | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.10 | 0.10% | 97.60 | 619 | 11:54:22 |
From May 2019 to May 2024
LONDON--GlaxoSmithKline PLC (GSK.LN) said Thursday it plans to sell about half of its 12.4% stake in South Africa's Aspen Pharmacare Holdings Ltd. (APN.JO) through a placing to investors.
The sale would earn Glaxo about 11.5 billion rand ($1 billion) based on Aspen's current market valuation.
Glaxo's Chief Executive Simon Dingemans said selling the shares in Aspen will give it more financial flexibility following a recent deal with Switzerland's Novartis AG (NVS) that involved selling businesses to each other and setting up a joint venture.
Glaxo took a stake of about 19% in Aspen in 2009 as part of a strategic relationship that included the two companies combining some commercial activities in Sub-Saharan Africa.
In November 2013 Glaxo sold 6.2% of Aspen to investors for ZAR7.1 billion, cutting its stake to the current 12.4%.
"We continue to believe in the strategy of Aspen and we remain committed to working together in the future," he added.
Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Novartis Chart |
1 Month Novartis Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
