Dechra buys rival to expand in EU
Dechra Pharmaceuticals, which makes medicines for pets and livestock, yesterday spent €135m (£112m) buying a smaller Dutch rival that makes drugs for cattle, horses, dogs, pigs, cats and chickens.
The market seemed to approve and shares in Dechra jumped more than 7 per cent. It will pay for Eurovet Animal Health with the proceeds of a £60m discounted rights issue, which is on a basis of three new shares for every 10 existing ones, and a new debt facility.
Dechra hopes to gain from Eurovet's reach in Europe. Eurovet has sales and marketing operations in the UK, the Netherlands, Germany, Belgium and Denmark, and supplies vets in more than 40 countries. Last year, its products, which include antibiotics, vitamins and anaesthetics, brought in sales of €76.8m.
Ian Page, Dechra's chief executive, said: "This is a great opportunity to build on the strong foundation we have created."
Shares in Dechra closed 34.5p higher at 498.5p.
- 1 If you weren't afraid of flying before last week... you probably are now
- 2 Israel-Gaza conflict: The secret report that helps Israelis to hide facts
- 3 Students offered grants if they tweet pro-Israeli propaganda
- 4 Lauren Goodger calls for tougher laws on revenge porn after sex tape leaks online
- 5 Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£40000 - £45000 per annum: Ashdown Group: An established professional services...
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£280 - £300 per day + competitive: Orgtel: Test Analyst, Edinburgh, Credit Ris...