P. M. BRIEFING : Hoffmann-La Roche Move Prompts Rumor It May Bid on SmithKline
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BASEL, Switzerland — F. Hoffmann-La Roche & Co., the Swiss pharmaceuticals group, today sparked rumors it may bid for SmithKline Beckman Corp. by asking that trading in its own shares be suspended pending an announcement set for Monday.
Hoffmann said it asked for a suspension linked to “a series of measures which are of considerable significance for the structure and future development of the Roche group.”
The news lifted shares in Philadelphia-based SmithKline and Britain’s Beecham Group PLC, which agreed to merge last week in a combination that would create the second-largest pharmaceutical company in the world.
London stock traders said the announcement may involve a bid for SmithKline or Beecham, but some said they believe Hoffmann is more likely to make an offer for SmithKline.
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