March 17, 2020 / 7:21 AM / 13 days ago

Japan's AGC launches bid on Italy's Molmed worth up to 240 mln euros

MILAN, March 17 (Reuters) - Japan’s AGC has launched a takeover bid on all the shares of Italian biotech company Molmed in a deal worth up to 240 million euros ($267 million), AGC said in a statement on Tuesday.

AGC is offering 0.518 euros per Molmed share, the equivalent of a premium of 110.3%.

AGC said Fininvest, the holding company of the family of former Prime Minister Silvio Berlusconi, had agreed to tender its stake in Molmed.

Fininvest owns around 23% of Molmed shares.

The aim of the bid is to delist Molmed, AGC said.

$1 = 0.8973 euros Reporting by Stephen Jewkes; editing by Agnieszka Flak

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