Shares in the Swiss pharmaceutical group Roche, which is regarded as a potential takeover target for Swiss rival Novartis, rose on Monday after two French pharmaceutical companies began a takeover battle.
Roche closed the day at 127.25 Swiss francs on the Zurich stock exchange, up by 1.4 percent, while bearer shares -- which carry voting rights -- jumped 4.4 percent to 182.75 Swiss francs.
Novartis chief executive Daniel Vasella admitted last Thursday that the pharmaceutical market was ripe for consolidation, amid rumors in France at the time of Sanofi-Synthelabo's attempt to take over rival Aventis.
PHOTO: AP
Novartis holds a stake in Roche granting it 33.3 percent voting rights and Vasella said he would have to launch a bid for his rival if Novartis's share of voting rights climbed above that level.
Roche has steadfastly rebuffed Vasella's advances.
The Basel-based group was also buoyed by reports of a big order for one of its influenza drugs to help tackle bird flu outbreaks.
Sanofi-Synthelabo launched a 47.8-billion-euro (US$60.1 billion) hostile takeover offer for its larger French rival Aventis on Monday.
Aventis rejected the offer, saying it was too low.
The move would create the third largest pharmaceutical group in the world if it is successful, pushing Novartis down from its current fifth place ranking.
Novartis shares closed 0.26 percent down at 58.35 Swiss francs, but analysts played down rumors that the profit-making Swiss group could act as a "white knight" in the French takeover battle.
"Novartis has now moved into negative territory, which indicates there is some speculation in the share," a Sarasin bank trader said.
The Sanofi bid is likely to have a limited impact on Novartis, according to an analyst at Zurcher Kantonalbank.
"This is something for the longer term," he added.
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