Sale of Astra Tech to DENTSPLY International complete
Posted: 1 September 2011 | | No comments yet
Transaction worth $1.8 billion in cash was completed on 31 August 2011…
AstraZeneca has announced that the sale of its Astra Tech business to DENTSPLY International Inc. for approximately $1.8 billion in cash has completed. The transaction closed on 31 August 2011.
The gain will be recorded as ‘other operating income’ in AstraZeneca’s third quarter profit and loss account and will be considered a ‘significant item’ to be excluded from Core financial measures. As a result, there will be no impact on the Company’s full year 2011 guidance for Core earnings per share.
As announced at AstraZeneca’s second quarter and half year results, net proceeds from the disposal of Astra Tech, will be used to augment the share repurchase programme to levels above the current $4 billion target. Now that the transaction is complete, the Company estimates that net share repurchases could increase to $5 billion in 2011; with repurchases from any remaining balance of the Astra Tech proceeds to be completed in 2012.
