The Catalan pharmaceutical company Grifols wanted to make it clear this Sunday that the devastating report from the bearish fund Gotham City Research, which caused it to lose a third of its stock market value last week, will not affect the sale of 20% of its Chinese subsidiary Shanghai Raas. . The company has sent a statement with a quote from the vice president of the Chinese company Haier Group Corporation, Lixia Tan, in which the purchasing firm confirms that the operation is going ahead.
In a note to the National Securities Market CommissionGrifols has explained that, “given the concern raised in the markets about how this report may affect the purchase and sale operation of 20% of Shanghai Raas” it has contacted the purchasing company. “The vice president of Haier Group Corporation [Lixia Tan] has stated the following verbatim: “We continue working to close the agreement, as originally planned,” Grifols emphasizes.
The Catalan firm insists that the closing of the sale of 20% of Shanghai Raas for around 1.6 billion, an operation announced at the end of 2023, will be completed during 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, in accordance with usual practice in this type of operations, both parties are contractually obliged to comply with their obligations: “Grifols to give 20% and Haier to pay 12.5 billion yuan as long as certain previously agreed closing conditions are met, including authorization from regulatory authorities.” Once these authorizations are obtained, according to the company, there is a contractual commitment to close the operation.
Gotham City, a controversial bear fund founded by American Daniel Yu, accuses Grifols of concealing its real debt through two companies owned by one of its shareholders, Scranton (among whose shareholders there are members of the Grífols family), and considers that their degrees are “probably worth zero.” What is a fact is that the fund has taken advantage of these days of chaos to earn around 20 million euros from the collapse of the stock.
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