Fitch: CFR still on positive watch

Fitch Ratings maintains CFR Pharmaceuticals SA and its subsidiary CFR International SpA on rating watch positive in anticipation of their acquisition by Abbott Investments Luxembourg Sarl, a subsidiary of Abbott Laboratories (A+).

Fitch said it initially placed the companies on positive watch in May following the announcement that Abbott's subsidiary had entered into a definitive agreement to acquire 72.62% of CFR's issued and outstanding shares from its controlling shareholder and would conduct a public cash tender offer for all of CFR's shares.

Assuming all publicly held shares are tendered, the total purchase price would be about $2.9 billion, plus the assumption of net debt of roughly $430 million.

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