Roche Share Discount Widens Speculation That Rival Novartis AG Will Sell Its $14.1 Billion Stake

Published: Dec 18, 2013

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The record discount in Roche Holding AG (RO) voting shares signals increasing speculation cross-town rival Novartis AG (NOVN) will sell its $14.1 billion stake into the market. Traders have pushed Roche’s voting shares to the lowest price versus its non-voting stock since at least 1989, a sign they are preparing for dilution should Novartis sell its 33 percent stake in the equities, said Ben Kelly, an analyst at Louis Capital Markets. The discount is an anomaly.

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