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TAKEOVER

Capio agrees to buy Unilabs

Capio Diagnostics of Sweden said it has agreed to buy Unilabs and will make an offer for the outstanding shares.

It has received undertakings from the majority shareholders to sell 50.08 percent of the voting rights and 38.10 percent of the capital.

Capio is offering 57.50 Swiss francs (330 kronor) per Unilabs bearer share and 28.75 sfr per registered share to minority shareholders.

The offer price carries premiums of 30.3 percent over the weighted average price for the past 60 days and of 27.3 percent respectively.

Financing for the deal has been secured and the offer is expected to be completed before year-end.

The companies said the combined entity will carry the Unilabs name and have its headquarters in Geneva.

Paul Hokfelt, president and CEO of Capio, said: “The companies are a perfect fit with over 100 laboratories and testing facilities across Europe.”

Based on their latest full-year results, the combined group would have pro forma sales of over 510 million sfr and about 2,800 employees.

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Scania bosses made pre-bid shares purchases

Two top Scania bosses made substantial shares purchases in the Swedish truck making company three weeks before majority owner Volkswagen made its take-over bid.

Scania bosses made pre-bid shares purchases
Scania CEO Martin Lundstedt. File photo: TT

Business daily Dagens Industri (DI) reported on Tuesday that CEO Martin Lundstedt bought a large number of shares on January 30th, several weeks before the offer was made. If the Volkswagen bid were to be accepted, Lundstedt would make 1.7 million kronor in profit, DI calculated.

Also finance head Jan Ytteberg bought shares on the same day to the tune of a half million profit in case of a successful German take-over. 

Due to their standing and insight into the company's affairs, Lundstedt and Ytterberg must by law report any changes to their shares portfolio to Sweden's Financial Supervisory Authority (Finansinspektionen – FI). 

"If you have insider information you cannot act based on that information regardless of whether you report the transaction to us or not," trade survey unit head Johan Allstrin told the TT news agency on Tuesday.

Any criminal probe, however, would be instigated by the Swedish police's financial crimes division.

As rumours were already swirling that Volkswagen would try to up its stake in the Södertälje-based company, some observers said they were surprised the two top managers would even ponder making such shares purchases. 

"It's remarkable that such high-level bosses dared go in and trade," net broker Avanza spokesman Claes Hemberg said about the the case. "They probably did not know about the bid, as then they wouldn't have had the courage to do so, but they should have been thinking long-term." 

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