Chiron Turns Around Bottom Line
Howard Pien, Chiron's CEO, told investors and analysts that his company must get approval for its merger proxy from the Securities and Exchange Commission before it can set a voting date. Only non-Novartis shareholders can vote.
The Emeryville, Calif., company also needs approval by European Union antitrust regulators. The Federal Trade Commission has already cleared the transaction. Pien, who declined to answer questions about the Novartis bid, repeated previous comments that he expects the deal to be completed during the first half of this year.
This sliver of updated merger news accompanied Chiron's issuance of fourth-quarter and full-year financial results that beat the comparable periods in 2004. Chiron didn't provide financial guidance for 2006.Novartis has offered to buy the rest of Chiron that it doesn't own for $45 a share, or $5.1 billion. But the Novartis bid is
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