Roche says controlling family won't have to make offer to other shareholders

Roche said on Friday that its controlling family will be exempt from having to make an offer to other shareholders after the drugmaker's $20.7 billion deal to buy back Novartis's nearly one third voting stake.

The pool of family shareholders, who previously owned 45.01% of the voting rights in Roche, were given the exemption by the Swiss takeover board, the company said. The decision was confirmed on the takeover board's website.

In Switzerland a mandatory offer obligation is normally triggered whenever a shareholder or group of shareholders directly or indirectly acquires equity securities in a listed Swiss company that exceed 33.33% of the voting rights.


Roche said on Thursday, when the Novartis deal was announced, that it will use debt to finance what it called a "disentanglement of two competitors" and plans to reduce its capital by cancelling the repurchased shares to regain full strategic flexibility.