July 25, 2012 / 12:12 PM / 5 years ago

Rottapharm halts talks with Clessidra, Avista

MILAN, July 25 (Reuters) - Italy’s Rovati family said on Wednesday it had decided to halt talks to sell 50 percent of pharmaceutical group Rottapharm-Madaus to private equity firms Avista and Clessidra due to disagreement over governance.

“We decided to stop negotiations, given the irreconcilable differences on governance issues,” the Chief Executive of Rottapharm-Madaus Luca Rovati said in a statement.

Earlier in June a source close to the matter said Clessidra and Avista had reached an agreement to buy 50 percent of the family-owned group.

Clessidra and Avista started exclusive talks to acquire the stake in May. (Reporting By Stephen Jewkes)

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