Novartis prepares to sell Rs 91,800 crore stake in rival Roche
The company has already hired banks to support the selling process of the sale of the 33% in Roche
Drugmaker Novartis aims to dispose of a 13.5 billion Swiss franc (approximately $13.8 billion or Rs 91,808 crore) stake in its local rival Roche and has already hired banks to support the selling process, a Swiss paper reported on Sunday.
The world's biggest prescription drugmaker started building up the stake - worth 33% of Roche's voting shares - as a basis for a possible merger more than a decade ago, but the plan never materialised.
Novartis plans to sell the stake in a so-called order book process, having banks collect purchase offers within a predefined price range from selected investors, weekly Sonntagszeitung said, citing board and banking sources.
A Novartis spokesman declined to comment on the report.