Ex-Takeda President Said Opposed to Shire Acquisition

Economy

Tokyo, Nov. 22 (Jiji Press)--A former president of Takeda Pharmaceutical Co. <4502> is opposed to the Japanese firm's planned 7-trillion-yen acquisition of Irish rival Shire PLC, according to a group of Takeda shareholders who have worked for the company.

The position of the former president, Kunio Takeda, 78, was mentioned at a meeting of the group in Tokyo on Wednesday.

The revelation may affect a vote on the acquisition plan to be held at an extraordinary meeting of Takeda shareholders on Dec. 5, observers said. Kunio Takeda is a member of the company's founding family.

The former president had initially refused to make his opposition public because he had already retired, but he told a key member of the group around October that he would allow his position to be disclosed, according to sources in the group.

The group is poised to oppose the acquisition plan at the shareholders meeting, viewing it as too risky. The group is confident that the percentage of dissenting votes is expected to reach at least 25 pct, against the one-third threshold for voting it down.

[Copyright The Jiji Press, Ltd.]

Jiji Press