Fitch might lift CFR Pharmaceuticals

Fitch Ratings said it placed all of the credit ratings of CFR Pharmaceuticals SA and subsidiary CFR International SpA on Rating Watch Positive.

Fitch said the action follows the announcement that Abbott Investments Luxembourg Sarl, a subsidiary of Abbott Laboratories (A+) entered into a definitive agreement to acquire 72.62% of CFR's issued and outstanding shares from its controlling shareholder and will conduct a public cash tender offer for all of the outstanding shares of CFR.

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

The acquisition is subject to regulatory and shareholder approvals.

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