The Catalan pharmaceutical group Grifols wanted to make it clear this Sunday that the devastating report of the bearish fund Gotham City Research, which last week caused a third of its market value to fall, will have no impact on the sale of 20% of its Chinese shares in Shanghai Raas. . The company sent a statement quoting China's Haier Group Corporation vice president Lixia Tan, in which the buying firm confirmed the operation was moving forward.
In a statement to the National Securities Market Commission, Grifols said it had contacted the buying company “in light of concerns expressed in the markets about how this report may affect the purchase and sale process of 20% of Shanghai Raas.” “The Vice President of Haier Group Corporation [Lixia Tan] stated literally: “We are continuing to work on concluding the agreement as originally planned,” emphasizes Grifols.
The Catalan company insists that the completion of the sale of 20% of Shanghai Raas for around 1.6 billion, announced at the end of 2023, will be completed in the first half of 2024.
According to company sources, the purchase and sale agreement signed on December 29 between Grifols and Haier is “a binding agreement” and, in accordance with normal practice in this type of transaction, both parties are contractually obliged to fulfill their obligations: “Grifols will 20% and Haier will pay 12.5 billion yuan, subject to certain pre-agreed closing conditions being met, including regulatory approvals.” Once these approvals are received, there will be a contractual obligation to close operations, according to the company.
Gotham City, a controversial pessimistic fund founded by the American Daniel Yu, accuses Grifols of hiding its real debts through two companies owned by one of its shareholders, Scranton (among whose shareholders are members of the Grífols family), and is of the opinion that its financial statements are “probably worth zero.” The fact is that the fund took advantage of these days of chaos to generate around 20 million euros from the stock's crash.
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