Grifols will transfer its 6.5% voting rights in Shanghai Raas to Haier

Multinational blood products Grifols will transfer voting rights its share is 6.58% V Shanghai Raas as part of an agreement with the Chinese giant Hayerwhich EXPANSIÓN was able to confirm in the documentation provided by its share.a in the Asian regulator. So far, the pharmaceutical company has not disclosed this clause, which gives more power to Haier, which will control 26.58% of the listed company’s share capital. Shenzhen Stock Exchange.

Grifols announced late last year that it was selling 20% ​​of its stake in Shanghai Raas for price 1.800 million dollars (1.654 million euros at current exchange rates),

however, he will remain the second shareholder with a share of 6.58%. With a minority stake of 437,069,656 shares, the laboratory, chaired by Thomas Glanzmann, is eligible for a seat on the board of directors of the Chinese company.

Ten year period

The agreement specifies that Grifols will assign the voting rights of its participation for a period of ten years. Both the Catalan pharmaceutical company and Haier have pledged not to sell shares in Shanghai Raas for three years. Once you’re done lock upHayer will have right of first refusal 6.58% of the laboratory in case it decides to sell them.

The documentation states that The operation must be closed by the end of June., although it defines some mechanisms for opening extensions. In addition, it establishes financial compensation in the event one of the parties decides to terminate the agreement. If Grifols fails to comply, compensation will be the maximum of the transaction amount, and Haier’s failure to comply will be 15% of the transaction amount.

The agreement also cements the alliance for Grifols to supply albumin to the Chinese market until 2034 and includes an option to extend the contract for another ten years.

Key operation for Grifols

Operation Shanghai Raas is key for the Grifols. Multinational blood products you need to close a trade as part of your deleveraging strategy. At the end of the third quarter, net financial debt was $9.5 billion: that is, approximately 6.7 times EBITDA. This transaction will result in an increase in liability of 5.5 times the gross operating result. The goal is to achieve a four-fold ratio by the end of the year.

Grifols and Haier confirmed their commitment to close the deal last Sunday in a joint statement. In a corresponding fact sent to the CNMV, the company, based in Sant Cugat del Valls (Barcelona), included a phrase from Haier vice-president Lixia Tan: “We continue to work towards closing the operation as we originally planned,” a Haier spokesperson said . company.directive.

Exploring the Gotham City Crisis

There are fears in the market that the closure of the operation will be affected by the crisis in the Grifols stock market after the publication Gotham City Exploration. After the explosion, a multinational blood products company remained over 3000 million euro market capitalization. Grifols shares closed yesterday at €8.37 per share, down slightly by 0.52%. The company’s stock market value is just over $5.1 billion.

Haier’s appearance as a buyer came as a surprise. In the months leading up to the announcement, rumors of a stake sale in Shanghai Raas identified several Chinese groups as buyers, but Haier’s name did not appear in any of the published pools.

Haier, known in Spain for its home appliances, is a Chinese industrial giant. Founded in 1984, it has 10 research and development centers, 71 research institutes, 35 industrial parks, 138 manufacturing centers. The workforce is 110,000 people. The annual turnover is about 44,000 million.