Grifols claims sale of 20% of Shanghai Raas to Haier still going ahead despite stock market crash | Economy

The Catalan pharmaceutical company Grifols wanted to make it clear this Sunday that the devastating report from the bear fund Gotham City Research, which caused the company to lose a third of its market value last week, will not affect the sale of 20% of its Chinese shares. subsidiary of Shanghai Raas. . The company sent a statement quoting Lixia Tan, vice president of China’s Haier Group Corporation, in which the purchasing firm confirmed the operation was ongoing.

In a statement to the National Securities Market Commission, Grifols explained that “given the concerns raised in the markets about how this report may impact the 20% Shanghai Raas purchase and sale transaction,” he has contacted the purchasing company. “Vice President of Haier Group Corporation (Lixia Tan) stated the following verbatim: “We continue to work towards closing the agreement as originally planned,” Grifols emphasizes.

The Catalan firm insists the deal to sell 20% of Shanghai Raas for around $1.6 billion, announced at the end of 2023, will be completed in the first half of 2024.

According to company sources, the purchase and sale agreement signed between Grifols and Haier on December 29 is a “binding agreement” and that, according to normal practice in this type of transaction, both parties are contractually obligated to honor their obligations: “Grifols will give 20% , and Haier will pay RMB 12.5 billion, subject to satisfaction of certain previously agreed upon closing conditions, including regulatory approvals.” According to the company, once these permits are obtained, there is a contractual obligation to cease operations.

Gotham City, the controversial bear fund founded by American Daniel Yu, accuses Grifols of hiding his real debt through two companies owned by one of his shareholders, Scranton (whose shareholders include members of the Grifols family), and believes that their degrees are “likely , costs zero.” The fact is that the fund took advantage of these days of chaos to make about 20 million euros from the stock collapse.

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