Lundbeck CFO squelches Elan takeover buzz

Shares of Ireland's Elan have been gyrating in recent months over persistent market buzz about a potential takeover bid by Lundbeck. But Lundbeck CFO Anders Gotzsche squelched the rumors today, saying that he didn't see how the company could raise enough cash for that kind of a deal.

Elan hired Citigroup back in January for a strategic review that could include a sale or merger. And soon after Copenhagen-based Lundbeck emerged as a likely bidder.

"I don't see that, at this point in time, it would be possible to borrow the money needed to buy a company the size of Elan," Gotzsche told Reuters. Elan's shares were down about five percent this morning.

- read the report from Reuters

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