Novaroche: Novartis' Very Swiss Bid for Roche
Executive Summary
With pharma consolidation, it sometimes seems, all things are possible. At least that's what Novartis hopes. The giant Swiss firm's surprise purchase of 20% of the voting shares of Roche is, in many ways, a typically Swiss transaction. In accordance with the clubby and personal nature of Swiss big business, the deal was privately negotiated. But it also makes intrinsic financial sense from tax, share-price, and synergies points of view.
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