Novo profit, buyback plan boost stock

Article Abstract:

Novo Nordisk AS intends to allot as much as three billion kroner to repurchase outstanding shares. The company's shareholders authorized the share-repurchase program at its annual meeting in March 1998. The program is a strategy aimed to improve the Novo's weak market valuation and alleviate the criticisms of investors on the firm's management. Novo deputy chief executive Kurt Anker Nielsen stated that the company knew it was time to repurchase some stock after realizing that the firm has long been overcapitalized.

Comment:

Intends to allot as much as 3 billion kroner to repurchase outstanding shares

Acquisitions & mergers, Denmark, Drugs & Pharmaceuticals, Pharmaceutical and Medicine Manufacturing, Drugs, Article, Novo-Nordisk A/S

---

Hoecsht outlines forecast for growth of divisions

Article Abstract:

Hoechst AG is predicting that it will see strong profit growth in its life-science business for the 1999 year. However, the company also cautioned that its industrial chemicals divisions would experience difficulties. Hoechst' industrial chemicals divisions are scheduled to be divested as part of the company's proposed merger with Rhone-Poulenc SA. The merger's timetable has been accelerated.

Comment:

Predict strong profit growth in its life-science business for the 1999 year

Germany, Sales, profits & dividends, Chemicals & Allied Products, Chemical Manufacturing, CHEMICALS AND ALLIED PRODUCTS, Planning, Chemicals, Abstract, Chemical industry, Hoechst AG

---

Similar abstracts:

• Abstracts: Astra writes a prescription for future. Roche Holding's net income rises 3%
• Abstracts: British Aerospace post 24% rise in profit before tax for first half
• Abstracts: Hoechst reduces profit expectations. Degussa shares drop 4.2% on filing of Holocaust suit
• Abstracts: Bayer pledges to go it alone for now, plays down drag from Asian crisis. BASF reports profit growth but fears stay
• Abstracts: Merrill Lynch launches team to advise buyouts. Barclays to pay $192 million to end suit. Standard Chartered net fell 4.4%

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.