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FTSE 100 drugmaker recommends €46bn takeover

The board of Shire says it will recommend a revised ?46bn offer for the FTSE 100 company by Takeda.
It finally won out after a string of failed bids for Dublin-based Shire, in what is now on track to become the biggest ever takeover of a foreign firm by a Japanese company.
However, Takeda's shareholders seemingly baulked at the price during trading in Tokyo on Wednesday as the value of its stock tumbled by more than 9% at one stage.Shire's shares were up 4% in early trading but reversed course to close down almost 3%.Takeda wants Shire, a specialist in the treatment of rare conditions, to help it expand its international interests - particularly in the US - as it faces down the prospect of weaker drug prices in its home market.
Shire said late on Tuesday it was "willing to recommend the revised proposal to Shire shareholders subject to satisfactory resolution of the other terms of the possible offer".It said the offer was equivalent to €49 a share - a 60% premium to its closing price on 27 March, before Takeda made its interest known.
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Shire shareholders would own about 50% of the enlarged Takeda, it said, while the new Takeda shares would be listed in Japan and the United States.It set a new May 8 deadline for the conclusion of negotiations.
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