>> After four failed attempts, Japanese Pharmaceutical firm Takeda has finally clinched a deal to buy out its rival Shire for $62 billion. It took six weeks to acquire the London listed drug maker and if it wins the backing of shareholders, it'll be the biggest deal yet in a wave of transactions sweeping the drug's industry.
The final deal is around 46% cash and 54% stock, leaving Shire shareholders earning around half of the combined group. Frenchman Christophe Weber, Takeda's first non Japanese CEO, was on the hunt for acquisitions to make the company more global. And he predicted annual cost synergies of at least $1.4 billion within three years of completion.
Bad news for employees with the group's combined workforce of 52,000 likely to be reduced by up to 7%. Shire shares were up 4% at the news, but that's still well below the agreed price, an indication perhaps that some shareholders still have doubts.