Credit Suisse First Boston and UBS Warburg completed a swift Sfr1.5bn (Eu1bn) sale in Novartis, the Swiss pharmaceutical company, on Wednesday morning. The two banks bid for the stock, which was being sold by the Sandoz Family Foundation, on Wednesday morning and launched the deal shortly after. The books were closed within an hour of the deal being launched with the banks pricing the deal at a 3.2% discount to the previous night's close. The 23m shares, some 0.9% of the company, were priced at Sfr64.3.
April 05, 2002