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Fitch Places CFR Pharmaceuticals's IDRs On Rating Watch Positive On Proposed Acquisition By Abbott Laboratories (ABT)


5/20/2014 8:59:09 AM

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CHICAGO--(BUSINESS WIRE)--Fitch Ratings has placed all of the credit ratings of CFR Pharmaceuticals S.A. and its subsidiary CFR International SpA on Rating Watch Positive. A complete list of rating actions follows at the end of this press release. Today's action follows the announcement that Abbott Investments Luxembourg S.A.R.L., a subsidiary of Abbott Laboratories (Abbott; 'A+') has entered into a definitive agreement to acquire 72.62% of CFR's issued and outstanding shares from its controlling shareholder and will conduct a public cash tender offer for all of the outstanding shares of CFR. Assuming all publicly-held shares are tendered, the total purchase price would be approximately $2.9 billion, plus the assumption of net debt of approximately $430 million. The acquisition is subject to regulatory and shareholder approvals.

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