Shareholders OK Takeda's 7-T.-Yen Shire Acquisition

Economy

Osaka, Dec. 5 (Jiji Press)--Takeda Pharmaceutical Co. <4502> gained shareholder approval Wednesday for a 7-trillion-yen acquisition of Irish rival Shire PLC, overcoming opposition from part of the Japanese drug maker's founding family.

Takeda's planned issuance of new shares to implement the buyout won support from more than two-thirds of voting rights in a vote at an extraordinary shareholders' meeting in the western city of Osaka.

The largest acquisition of a foreign firm by a Japanese company is expected to be completed on Jan. 8 next year.

According to Takeda, about 90 pct of the votes exercised were in favor of the Shire buyout. The meeting was attended by 848 shareholders and lasted two hours and 24 minutes.

A group comprising part of the founding family, former Takeda employees and current shareholders opposed the acquisition, citing concerns over possible deterioration in the firm's financial standing, but the opposition votes did not reach the one-third of voting rights needed to block the new share issuance.

[Copyright The Jiji Press, Ltd.]

Jiji Press