Takeda chief Christophe Weber clinched Japan’s largest overseas takeover on Wednesday as shareholders approved the controversial $59 billion (£46 billion) swoop on UK drugmaker Shire.
The Frenchman, a former rising star at GSK, said the debt-fuelled deal would create a “more competitive, agile, highly profitable, and therefore resilient company”. Around 12% of shareholders at a general meeting in Osaka voted against the proposal, which will make Takeda among the top 10 biggest drugmakers globally.
Shire shareholders were also set to approve the deal at a vote today.
The takeover has come under fire from some Takeda shareholders and relatives of Takeda’s founding family over the high debt levels.
Weber’s Takeda is adding on about $30 billion of debts. Management has said it will sell about $10 billion worth of assets. Weber has also said cost savings should add up to $1.4 billion within three years.
Takeda shares are down 36% from their 12-month high as investors fret about the issue.
They rose 1% today to 4240 yen but are well below the 6666 yen peak.
Shire shares also increased 2.7% gaining 121.5p to 4671.5p.
Weber is the first foreigner to lead Takeda since it was founded in the 18th century.
