Aspen was given the green light last month by the New Zealand authorities to sell the business to the French company, the Lactalis Group. File Photo: IOL

DURBAN – South African drugmaker Aspen Pharmacare's share price surged by more than 3 percent on the JSE after the group announced that it has completed the divestment of its Nutritionals Business to the Lactalis Group for a gross consideration of  €740 million (R12.02 billion). 

The share price rose to R101 a share, up from Friday’s closing price of R97.94. Aspen was given the green light last month by the New Zealand authorities to sell the business to the French company, the Lactalis Group. 

Aspen confirmed yesterday that it had received proof of payment of the gross consideration from the Lactalis Group and expected all of the funds to be in its bank accounts within the next few days. 

“The estimated net cash inflows from the transaction, after payment of transaction related taxes, the buy-out of minority shareholders and the payment of transaction costs, will be approximately 635m and the financial effects remain in line with Aspen’s expectations,” the group said. 

BUSINESS REPORT