The Catalan multinational Grifols issued a clarification this Sunday regarding a bearish firm’s report that had unsettled markets. It is stated that the Gotham City Investigation will not derail the planned sale of a 20% stake in Shanghai Raas, Grifols’ Chinese subsidiary. The company cites the assurance of Lixia Tan, vice president of Haier Group Corporation, that the transaction remains underway. Grifols presents this update as a sign that the deal is on track despite the recent report’s presence in market chatter.
In a communication with the Spanish stock market regulator CNMV, Grifols explained that it reached out to the purchasing party after concerns were raised in the markets about how the report could influence the 20% Shanghai Raas deal. The goal was to provide clarity and ensure all parties understood the transaction’s status, thereby reducing uncertainty among investors and stakeholders.
Haier Group Corporation’s vice president, Lixia Tan, affirmed the company’s intent in no uncertain terms: the parties are committed to completing the deal as originally planned. Grifols echoes this stance and emphasizes the importance of finalizing the sale of 20% of Shanghai Raas, a move that was initially announced at the close of 2023. The transaction, valued at roughly 1.6 billion dollars, remains projected to close in the first half of 2024, contingent on customary regulatory approvals and closing conditions.
The completion of this transaction forms part of Grifols’ broader plan to address a substantial debt load disclosed in the Gotham report. By monetizing a meaningful stake in Shanghai Raas, Grifols aims to strengthen its balance sheet and improve liquidity to support ongoing operations and strategic investments across its international portfolio.