Lloyds victory puts Gehe ahead of Boots
Victory was handed to the German group, which raised its offer to pounds 684m on Friday, after rival bidder UniChem bowed out of the fray, saying it would not increase its own offer. The announcement allowed Gehe to swoop on over 57 per cent of Lloyds' shares, taking its holding and acceptances to a commanding 78.4 per cent. UniChem, which netted a profit of around pounds 3m selling its near 10 per cent stake in Lloyds to Gehe yesterday, saw its shares jump 13.5p to 269.5p on relief that it had decided not to top the new bid, which has been recommended by the Lloyds board.
Gehe will now own one of the largest chains of pharmacies in the UK. Lloyds' 900-odd outlets, added to the 360 outlets in its existing AAH group, will create a new chain of over 1,200 chemists, just ahead of Boots, hitherto the market leader. The group will command around 33 per cent of drugs distribution to independent chemists, a couple of percentage points ahead of UniChem.
Dieter Kammerer, Gehe's chairman, said he could not reveal full details of his plans for the new group ahead of a meeting with Lloyds management tomorrow. But he said the first task would be streamlining the two organisations, particularly the distribution network, which largely duplicates the one belonging to AAH. This would be "straightened out pretty fast", he said, and could involve redundancies, although they would not be on a large scale.
Have shock jocks gone too far after Rush Limbaugh called Sandra Fluke a slut?
The ‘Beverly Hills’ of Surrey pays more income tax than big cities of the North
British business: We need to stay in the European Union - or risk losing up to £92bn a year
World news in pictures
British father faces charges after confessing to slitting his two children's throats in Lyon flat
- 1 The ‘Beverly Hills’ of Surrey pays more income tax than big cities of the North
- 2 Tottenham to smash pay scale with £150,000-a-week contract in attempt to tie Gareth Bale to club
BMF is the UK’s biggest and best loved outdoor fitness classes
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£500 per day: Orgtel: A top tier banking client urgently requires Finance Busi...
£425 - £550 per day: Orgtel: Senior Finance Project Manager - £550 - Bristol -...
£150 - £250 per day: Orgtel: KYC Analyst - London - Banking - £150-250/day C...
£500 per day: Orgtel: A top tier banking client urgently requires Finance Gove...