Shares of the blood products group regained investors’ confidence early this Monday after the publication of a devastating report by the American bearish fund Gotham City Research, in which it was accused of “compensating” its accounts and opened with a rise of up to 2000. 7%. The impact faded over the course of the session, with Grifols shares closing a shy 0.25% higher on the back of reconfirmation of the sale of its Chinese subsidiary.. Late last Sunday night, Grifols made clear in a communication to the National Securities Market Commission (CNMV) that information from Gotham City Research would not affect the sale of 20% of its subsidiary Shanghai Raas. “We continue to work to complete the deal as originally proposed,” Lixia Tan, vice president of Haier Group Corporation, said of the operation worth about 1.6 billion euros, which will be completed in the first half of 2024. Ibex started the week down 0.18% to 10,076.9 points, after remaining on the verge of 10,100 integers on Friday.
Headlines in just four days griffles It lost 38 percent of its value, or approximately 4.8 billion euros. The declines began last Tuesday, when the bear fund report was published. Their titles fell 25.9%, but they were as low as 50%. It clawed back some of its losses, rising 12% on Wednesday, but fell 16.2% again on Thursday after a conference call with investors to clear doubts about Gotham City Research. It also coincided with an erroneous reference to the pharmaceutical company by Reuters on the same day, in which it was stated that Santander had chosen to make the most significant cut, setting Grifols’ target price at 9.90 euros per share. this was later denied by the banking institution and corrected by the institution.
Gotham is disgraced Sale of Grifols to Scranton EnterprisesInvestment vehicle of the founding family, In 2018, two companies, BPC and Haema, and take into account the benefits both to the group and to Scranton. At the same time, the bearish fund believes that the debt declared by the pharmaceutical company was underestimated by at least 920 million euros, mainly due to financial movements between the Catalan company and Scranton, which owns 8.4% of Grifols. As Grifols chairman and CEO Thomas Glanzmann explained during the meeting, CNMV is investigating connections between both companies and has asked the company to know who the 22 investors in Scranton are; three of them belong to the founding family. with investors..
“Area for improvement”
During the conference call, company chairman and CEO Thomas Glanzmann acknowledged: Area for improvement in governance and communicationhowever, he criticized the published Gotham document. “Gotham merely sought to achieve capital gains and acted in his personal interests and used the information to suggest irregularities that have already been reviewed and approved by regulators and an auditor,” he argues.
When the Minister of Economy was asked whether he trusted the version presented by the Catalan company Grifols at a conference with analysts this Thursday, he replied: The Corps stated that it is “in constant communication with the agency that has the authority to verify the information.” and that listed companies must ensure that all their actions comply with the law and ensure the full proper functioning of our securities market. “We are in contact with the CNMV and We hope they will analyze this information, make decisions and take actions they deem appropriate,” Corpo concluded.