Aspen poised to meet deadline for sale of its baby milk unit

Sun, 20 Oct 2019

Aspen poised to meet deadline for sale of its baby milk unit

News24
16 May 2019, 04:13 GMT+10

Aspen Pharmacare [JSE:APN] is set to meet a self-imposed deadline to close the sale of its infant-formula business by the end of this month after the deal was approved by a New Zealand regulator, a person with knowledge of the matter said.

The Overseas Investment Office agreed in principle to allow French dairy company Lactalis International to buy the unit from Aspen, said the person, who asked not to be identified because the details aren't yet public. The OIP has completed its checks on Lactalis, its directors and the transaction, and the last of the deal and legal documents are being signed, the person said.

The company, which is weighing the sale of some European units once the deal is completed, said in March that it expects to complete the sale by the end of May.

The OIP does not yet have an update on the final decision, it said in an emailed response to questions. Spokesmen at Lactalis and Aspen declined to comment.

Aspen's shares reversed earlier declines of as much as 6.9% to close 0.2% higher in Johannesburg on Wednesday. That pared losses this year to 25% following delays to the transaction that raised concerns that the drugmaker would struggle to reduce debt.

Lactalis, owned by the three billionaire Besnier brothers, agreed to pay 740 million euros ($830m), or about 40 times earnings before interest, taxes, depreciation, and amortization for the baby milk business.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Russia Herald.

More Information

Business

Section

Rejuvenation of century-old De Angelis Carousel in Buffalo starts

BUFFALO, New York - New York Governor Andrew Cuomo on Friday announced the Erie Canal Harbor Development Corporation has begun ...

Chinese man who tried to send U.S. military technology to China jailed

WASHINGTON, DC - A Chinese national has been sent to prison for conspiring to export military and space-grade technology to ...

Dow Jones drops 256 points Friday, dollar shatters

NEW YORK, New York - With the Trump administration in disarray and a growing concern globally that the country's chief ...

Economic growth in China slows to three-decades low

BEIJING, China - The U.S.-China trade war cotnues to batter the Chinese economy, with third quarter GDP slowing to its ...

Stock markets in Asia mixed on Friday, pound flirts with 1.2900

SYDNEY, Australia - Japan's stock markets made headway on Friday, but the rest of the region languished.The British pound was ...

Trump administration to lose another top official

WASHINGTON, DC - U.S. Energy Secretary Rick Perry is to quit the Trump administration.Perry, according to U.S. President Donald Trump ...

World

Section

Govt announces curfew amid protests in Chilean capital

Santiago [Chile], Oct 20 (ANI): The Chilean government under a state of emergency on Saturday (local time) announced a curfew ...

Afghan Presidential Election Results Announcement Delayed

Preliminary results from Afghanistan's September 28 presidential election --- expected to be reported on October 19 - have been delayed, ...

Boris Johnson refuses to sign letter requesting Brexit delay

London [UK], Oct 20 (ANI): British Prime Minister Boris Johnson on Saturday (local time) sent the European Union an unsigned ...

Impeachment Inquiry Puts Spotlight on Perry, Who Shunned It

WASHINGTON - Long after more flamboyant colleagues flamed out of President Donald Trump's favor amid ethics scandals, low-profile and folksy ...

Turkish-backed forces, Kurds fight on first day of Syria ceasefire

Washington D.C. [USA], Oct 20 (ANI): Turkish-backed Syrian forces clashed with the Kurdish fighters in northeastern Syria on Friday (local ...

China's BRI challenges sovereignty of many states: experts

Rotterdam [Netherlands] (ANI), Oct 19 (ANI): The destiny of the states which have been lured into the Dragon's fire of ...

Movie Review

Sicario: Day of the Soldado