Australia | Jun 09 2009
This story features CSL LIMITED. For more info SHARE ANALYSIS: CSL
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS
By Rudi Filapek-Vandyck
Blood plasma producer CSL ((CSL)) has announced it will buy back close to 55m of its own shares or about 9% of all outstanding shares after it and US based Talecris decided it was best to abandon their intended merger given US authorities’ blockage of the deal.
CSL will pay Talecris a break-up fee of US$75m. The plasma supply contract signed in connection with the merger agreement will remain in effect.
CSL will start buying its own shares from June 23rd onwards and has granted itself twelve months for the task. Earlier, CSL had indicated it was likely to pursue the deal through US court.
Shareholders and investors are likely to respond favourably to the company’s decision when trade in the shares resumes on Tuesday.
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