Padraic's Feed
Apr 28, 2013

Europe austerity debate to test periphery political will

DUBLIN, April 28 (Reuters) – Readers of Ireland’s
largest-selling daily newspaper were confronted by an unexpected
front page headline this week when the Irish Independent
proclaimed the ‘End Of Austerity’.

In a country that began cutting spending and hiking taxes
almost five years ago, well before the scale of the euro zone’s
debt crisis was evident, weary Irish voters have more interest
than most in the fresh debate over Europe’s cornerstone policy.

Apr 24, 2013

Elan tees up deals as sales of prized drug rise sharply

DUBLIN (Reuters) – Irish drugmaker Elan Corp said it is teeing up a number of deals under a plan to reshape the company through acquisitions and stave off a bid from investment firm Royalty Pharma.

Elan, involved in a convoluted takeover saga with Royalty for the past two months, had on Monday rejected a reduced $11.25 per share bid from Royalty, saying it grossly undervalued its prospects.

Apr 22, 2013

Elan rejects Royalty bid as grossly undervaluing its prospects

DUBLIN, April 22 (Reuters) – Irish drugmaker Elan
rejected a reduced $11.25 per share bid from Royalty Pharma
, putting the ball back in the U.S. investment
company’s court in an increasingly convoluted takeover saga.

Royalty made its initial approach in February, attracted by
the promise of lucrative revenues from Elan’s multiple sclerosis
drug Tysabri. But Elan has fought to maintain its independence
through a series of manoeuvres designed to frustrate the bid,
which is contingent on 90 percent acceptances.

Apr 18, 2013

J&J stake sale clouds Royalty bid for Elan

DUBLIN/NEW YORK (Reuters) – U.S. healthcare firm Johnson & Johnson (JNJ.N: Quote, Profile, Research) cut its stake in Elan Corp (ELN.N: Quote, Profile, Research) on Thursday in a move that clouds prospects for a $7.3 billion (4.7 billion pounds) takeover bid for the Irish drugmaker.

U.S. investment firm Royalty Pharma on Monday made an improved $12 per share bid for Elan, which has rejected its suitor’s overtures and wants to remain an independent company.

Apr 18, 2013

Elan bid to fend off Royalty handed boost in buyback

DUBLIN/NEW YORK, April 18 (Reuters) – Elan
shareholders gave the Irish drugmaker a boost in its hopes of
fending off a $7.3 billion bid from Royalty Pharma when they
ignored a plea from the U.S. investment firm to tender stock at
a high price at a buyback on Thursday.

Royalty, which sweetened its offer for Elan this week, urged
shareholders to “send a message to the Elan board” by tendering
all of their stock at $11.75 or $12 to fully benefit from its
$12 per share offer.

Apr 16, 2013

Irish unions reject pay deal, warn of trouble ahead

DUBLIN (Reuters) – A majority of Irish public sector workers rejected a new pay deal on Tuesday and warned the government against unilaterally cutting wages, giving it a headache as it seeks to exit an EU-IMF bailout later this year.

The government and the country’s main unions agreed in February to extend a three-year-old pay deal that has been credited with avoiding the kind of industrial unrest seen in other euro zone countries hit by debt woes.

Apr 15, 2013

Royalty’s sweetened offer puts pressure on Elan board

DUBLIN/NEW YORK (Reuters) – Royalty Pharma’s ROYPH.UL sweetened bid for Irish drugmaker Elan (ELN.I: Quote, Profile, Research) heaps pressure on Elan’s management to open its books to the U.S. investment firm in the hope of a better offer, analysts and shareholders said on Monday.

Royalty made its formal cash offer worth up to $7.3 billion (4.76 billion pounds), or $12 a share, ahead of a May 10 deadline for a firm bid, improving on an initial approach worth $11 per share that was rejected by Elan in February for being “highly conditional”.

Apr 15, 2013

Royalty Pharma launches improved bid for Elan

DUBLIN/ NEW YORK, April 15 (Reuters) – U.S. investment firm
Royalty Pharma launched a cash offer on Monday for
Elan worth up to $7.3 billion, improving on its initial
proposal to take over the Irish drugmaker and the lucrative
royalty rights on its main drug.

Royalty made an indicative approach worth $11 per share in
February, which Elan rejected for being “highly conditional”.
Facing a May 10 deadline to make a firm offer, it came back on
Monday with one worth up to $12 a share.

Apr 11, 2013

Austria slams US, UK “tax havens” as EU turns up heat

DUBLIN, April 11 (Reuters) – Austria hit back at critics of
its banking secrecy on Thursday by urging Britain and the United
States to crack down on money laundering and tax havens in their
own backyards, as EU ministers prepared to debate the issue in
Dublin.

Isolated in the European Union following Luxembourg’s move
this week to share foreigners’ bank data to foil tax cheats,
Austria’s finance minister said she could discuss such a change
of tack – but insisted it could not be a “one-way street” and
accused London and Washington of failing to close international
tax loopholes in the likes of Delaware and the Channel Islands.

Apr 3, 2013

Irish recovery fragile, but bailout exit on course: IMF

DUBLIN (Reuters) – Ireland’s gradual recovery is fragile but signs of life in the domestic economy suggest it is capable of exiting its bailout on schedule at the end of this year, the International Monetary Fund (IMF) said on Wednesday.

Rescued by Europe and the IMF in late 2010, Ireland has consistently hit the targets set under its bailout and closed in on weaning itself off emergency assistance last month by raising 5 billion euros ($6.42 billion) in a landmark 10-year bond sale.