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The company’s high debt levels were a top concern for Takeda shareholders who gathered at an extraordinary meeting in Osaka, western Japan, although almost 90 percent of them voted to approve the deal as expected. “I want to keep my Takeda shares into the future, but now I am worried about further declines in the share price,” said Satoshi Ito, a 75-year-old shareholder. He abstained from voting. Separate meetings of Shire shareholders later on Wednesday also secured overwhelming support for the transaction.

Takeda shares have fallen around 25 percent since the drugmaker revealed its interest in the acquisition in March, They closed up 1 percent at 4,240 yen on Wednesday, Shire shares gained 3.2 percent to 46.95 pounds on relief corkscrew wine cufflinks | uk Takeda’s board had won its nine-month battle to persuade shareholders of the merits of the tie-up, The acquisition is expected to close on Jan, 8, It now only requires sanctioning at a court hearing expected to be held on Jan, 3, A small group of Takeda investors, including descendants of the company’s founder, had actively opposed the deal..

“We are definitely against this because the financial risks are too great and the expected benefits are quite limited,” said Kazuhisa Takeda, a former director of the drugmaker and a member of the founding family, ahead of the meeting. “I think M&A is quite necessary for Takeda’s future but Shire is not the answer.”. Chief Executive Christophe Weber has promised to turn the deal profitable by slashing costs. It predicts annual savings of at least $1.4 billion three years after completion, and expects to boost underlying earnings significantly from the first full year after closing.

Takeda also has a plan to corkscrew wine cufflinks | uk sell up to $10 billion worth of non-core assets to pay back debt, Andy Plump, Takeda’s global head of R&D, told Reuters that accelerated deleveraging was needed to keep its credit rating at a safe level, “We have a plan for divestiture that gets us to a place in three to five years that our credit agencies are OK with, Our credit rating is likely to tick down a notch, but still above junk bond status, which is critical for us,” he said in an interview..

Analysts have said it may be difficult to integrate the two companies. Toshiba’s (6502.T) acquisition of Westinghouse over a decade ago and Japan Post Holdings’ (6178.T) $4.9 billion bet on Toll Holdings are widely seen as examples of many Japanese companies having paid high valuations in cross-border deals only to face massive write-downs later. But they also said Takeda has little choice but to seek growth abroad, with industry pressure to gain access to cutting-edge treatments amid declining revenue from older drugs that must compete with cheaper generics.

Even with the acquisition of Shire, some said Takeda will need to corkscrew wine cufflinks | uk bolster its lineup of experimental therapies to compete in the longer term, Shire’s hemophilia business, for example, is already starting to face strong pressure from a competing drug being marketed by Roche (ROG.S) as well as new gene therapies now in development, “It’s crucial whether the drugmaker can reinvest profits from the deal into seeds for developing future drugs,” said Kazuaki Hashiguchi, a senior drugs analyst at Daiwa Securities..

MOSCOW (Reuters) - Russian oil producer Gazprom Neft (SIBN.MM) will keep its plan to raise oil output by 50,000 barrels per day in 2019 regardless of the outcome of talks between OPEC and other oil producers, Alexander Dyukov, the company’s head, said on Wednesday. He added some production cuts on the global oil market were warranted, at least until the second quarter of next year, in order to balance the market. The Organization of the Petroleum Exporting Countries and other leading oil producers led by Russia are gathering in Vienna this week to work out their joint strategy for next year.

LONDON/COPENHAGEN (Reuters) - Danske Bank’s top investors are looking to Denmark’s Maersk family to steer the country’s largest lender through the turmoil of a 200 billion euro ($227 billion) money laundering scandal, The Danish clan’s investment firm A.P, Moller Holding, Danske’s normally passive top shareholder with a stake of around 21 percent, has ousted the bank’s chairman Ole Andersen and called an extraordinary shareholder meeting in Copenhagen on Friday corkscrew wine cufflinks | uk to nominate two successors to the board..

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