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    4568   JP3475350009

DAIICHI SANKYO CO., LTD.

(4568)
  Report
Delayed Japan Exchange  -  02:00 2022-09-22 am EDT
4045.00 JPY   -0.20%
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India's Fortis sinks 20% as top court extends stay on IHH open offer

09/22/2022 | 04:21am EDT
A Fortis hospital building is pictured in Gurgaon

BENGALURU (Reuters) - Shares of Fortis Healthcare sank nearly 20% on Thursday and eyed their biggest slide in nearly 15 years, after reports said India's top court ordered the continuation of a stay on IHH Healthcare's open offer for the company.

The Supreme Court also remanded the issue of the Fortis-IHH deal to the Delhi High Court and directed it to consider a forensic auditor's appointment, CNBC TV-18 reported.

Reuters was not immediately able to review the order.

IHH had won a bid for a 31% stake in Fortis in 2018, which triggered an open offer for another 26% as per Indian regulations. (https://bityl.co/EdbO)

The Supreme Court had blocked the open offer based on a plea filed by Japanese drugmaker Daiichi Sankyo, who tried to enforce an arbitration award it won in a Singapore tribunal on a fraud claim against Fortis' founder brothers Malvinder Singh and Shivinder Singh.

"...Proceedings before the Supreme Court have concluded with certain directions and the suo-motu contempt has been disposed-off. We are seeking legal advice to decide our future course of action," Fortis said in a statement to exchanges on Thursday.

Fortis' shares dropped by their most since January 2008, with trading volumes at around 21 times the 30-day average as of 0807 GMT

IHH and Daiichi did not immediately respond to Reuters' requests for comment.

(Reporting by Chris Thomas in Bengaluru and Tanvi Mehta in New Delhi; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DAIICHI SANKYO CO., LTD. -0.20% 4045 Delayed Quote.38.29%
FORTIS HEALTHCARE LIMITED -1.13% 262.3 End-of-day quote.-11.76%
IHH HEALTHCARE -3.33% 5.8 End-of-day quote.-20.98%
MSCI SINGAPORE (GDTR) -1.21% 5420.92 Real-time Quote.-12.59%
SANKYO CO., LTD. 0.75% 4055 Delayed Quote.36.03%
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Analyst Recommendations on DAIICHI SANKYO CO., LTD.
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Financials
Sales 2023 1 171 B 8 179 M 8 179 M
Net income 2023 90 447 M 632 M 632 M
Net cash 2023 660 B 4 611 M 4 611 M
P/E ratio 2023 86,7x
Yield 2023 0,67%
Capitalization 7 754 B 54 142 M 54 142 M
EV / Sales 2023 6,06x
EV / Sales 2024 5,23x
Nbr of Employees 16 458
Free-Float 97,8%
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Mean consensus BUY
Number of Analysts 14
Last Close Price 4 045,00 JPY
Average target price 4 821,43 JPY
Spread / Average Target 19,2%
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Managers and Directors
Sunao Manabe President, CEO & Representative Director
Hiroyuki Okuzawa General Manager-Administration
Noritaka Uji Chairman
Masahiko Ohtsuki Manager-Research & Development Planning
Wataru Takasaki General Manager-Research & Development
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