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In Brief: Pharmacia & Upjohn

This article was originally published in The Tan Sheet

Executive Summary

Pharmacia & Upjohn: AB Volvo announces June 25 its plans to offer 46 mil. shares of Pharmacia & Upjohn stock -- about two-thirds of Volvo's stake in the company -- valued at almost $2 bil. Underwriters will have the option to purchase an additional 6.9 mil. shares to cover possible over-allotments. Volvo expects to price the stock offering by the week of July 22. To protect its interest in divesting its stake in Pharmacia & Upjohn, Volvo apparently blocked the company's efforts to acquire Allergan in May ("The Tan Sheet" May 20, In Brief)...

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