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BFF - Banca Farmafactoring SpA News Story

€4.83 0.0  0.5%

Last Trade - 3:31pm

Sector
Financials
Size
Mid Cap
Market Cap £736.3m
Enterprise Value £1.45bn
Revenue £195.2m
Position in Universe 164th / 720

UPDATE 1-Japan's AGC weighs options after Italy puts conditions on Molmed deal

Tue 7th July, 2020 4:47pm
(Adds AGC statement)
    MILAN, July 7 (Reuters) - Italy said it would use its right
to intervene to protect strategic assets on the planned
acquisition of biotechnology group Molmed  MLMD.MI  by AGC
 5201.T , leaving the Japanese buyer to review whether to go
ahead with its offer. 
    After the coronavirus outbreak, Rome bolstered "golden
power" legislation against foreign takeovers by extending it to
more sectors - including banking, insurance, health and food.
    The rules allow the government to halt or impose conditions
on investments in industries or infrastructure deemed of
strategic interest.
    In March, AGC launched a takeover bid for Molmed in a deal
worth up to 240 million euros ($271 million).
    The tender offer, set to close on July 24, is subject to a
"golden power condition" that makes the deal dependent on Italy
not applying such special measures.
    AGC said on Tuesday that the Italian government had asked
the companies to notify it of any intellectual property transfer
agreement, to maintain R&D activities in Italy and not to cut
jobs.
    AGC said in a statement that it "is currently evaluating the
content of the ministerial decree and will shortly disclose
whether it intends to waive the golden power condition".
    Molmed is focused on research, development, production and
clinical validation of gene and cell therapies for the treatment
of cancer and rare diseases. 
    Molmed shares dropped over 10% after Italy's government
announced the use of its golden power but later recovered ground
and were down 2.8% at 1440 GMT.
 ($1 = 0.8866 euros)

 (Reporting by Elisa Anzolin
editing by Jason Neely and Keith Weir)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))
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