Deals
Fresenius Agrees to Buy APP for Up to $4.6 Billion
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Fresenius SE, Europe's biggest maker of intravenous drugs, will buy APP Pharmaceuticals Inc. for as much as $4.6 billion to enter the faster-growing U.S. market for generic injectable medicines used in hospitals.
Fresenius fell the most in a decade in German trading after the Bad Homburg-based company agreed to pay $23 a share in cash for Schaumburg, Illinois-based APP. The offer is 29 percent more than APP's closing price of $17.82 on July 3. Fresenius shares fell as much as 9.3 percent, the biggest drop since October 2001, on concern the company may sell stock to finance the purchase, analysts said.