Sandoz Foundation to sell CHF2.6 billion in Novartis shares
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Sandoz Foundation to sell CHF2.6 billion in Novartis shares
The Sandoz Family Foundation, the second-largest shareholder in Swiss pharma giant Novartis, has announced it is selling a substantial portion of its shares in the pharmaceutical giant. A foundation spokesperson confirmed the media reports on Tuesday evening.
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The spokesperson told the Swiss financial news agency AWP that the move is part of a diversification strategy but didn’t provide further details. According to Novartis’ annual report, the Sandoz Family Foundation recently held a 4.1% stake in the pharmaceutical company.
According to the news agency Reuters, the foundation is now offering a total of 26.5 million Novartis shares for sale through its holding company, Emasan AG, in an accelerated bookbuilding transaction. This represents about 1.2% of all outstanding Novartis shares.
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According to Reuters, the company aims to sell the shares at CHF98.25 ($109.92) each, valuing the total at over CHF2.6 billion. The foundation’s spokesperson declined to comment. On Tuesday evening, Novartis shares closed at CHF100.72.
The Sandoz Family Foundation is a Novartis shareholder due to its historical ties with the company. The foundation traces its roots to the Sandoz family, who founded the Sandoz chemical company in Basel in 1866. Since the merger of Ciba-Geigy and Sandoz to form Novartis in 1996, the foundation has been one of the group’s key shareholders.
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The foundation is active in several areas, especially in Switzerland. It focuses on education, vocational training, higher education and research. Additionally, it supports artists and museums through the Fondation Edouard et Maurice Sandoz (FEMS).
Translated from German with DeepL/sp
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