financetom
Business
financetom
/
Business
/
Spanish drug maker Grifols will bring in independent directors, chairman tells newspaper
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Spanish drug maker Grifols will bring in independent directors, chairman tells newspaper
Apr 14, 2024 10:30 PM

MADRID (Reuters) -Spanish drug maker Grifols, battling a plunge in its share price this year, plans to add independent directors to its audit and compensation committees to improve its governance, its chairman said in a newspaper interview published on Sunday.

Grifols' market value has shed billions of euros since short-sheller Gotham City Research released three reports in early January accusing the company of overstating earnings and understating debt. Grifols has repeatedly denied the claims.

In a joint interview with CEO Nacho Abia in the Barcelona-based La Vanguardia newspaper - their first since the start of the crisis - chairman Thomas Glanzmann said appointing independent directors to the audit and compensation committees would allow the company to "continue to improve is governance".

Abia said Grifols also needed to simplify the way it explained itself to the market.

"We must work to reduce that complexity and increase the clarity of our explanations to the market, which is what allowed the Gotham report to raise these concerns," he told the newspaper.

Grifols said on April 10 it plans to meet its debt payments in 2025 with the proceeds of new senior secured notes and the sale of its 20% stake in Shanghai RAAS to Haier Group.

Glanzmann said there would there would be high demand for the company's bonds when the issuance is completed in one or two weeks.

"The number of institutional investors that have contacted us to participate has been extraordinary and says a lot about the market's confidence in the future of the company, in our growth and our ability to repay the debt," he said.

Grifols wants to eventually buy back blood donation firm Haema AG and plasma donation company BPC Plasma, Abia said, having sold both to Scranton Enterprises, an investment vehicle linked to the founding Grifols family, in 2018.

"We have an option, very generous for Grifols, to buy these companies and we will exercise it. But (there is) no hurry," said Abia.

In its January report, Gotham City said that both Grifols and Scranton fully consolidate Haema and BPC Plasma in their accounts. Grifols has said it is required to do so because it holds a call option.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
Update: Stallion Uranium Jumps 14% It Resumes Trading on TSXV, Agrees to Sell Shares of 1503571 BC
Update: Stallion Uranium Jumps 14% It Resumes Trading on TSXV, Agrees to Sell Shares of 1503571 BC
Jul 7, 2025
11:57 AM EDT, 07/07/2025 (MT Newswires) -- (Updates shares.) Stallion Uranium ( STLNF ) shares were last seen up 14% on Monday after regulators lifted a trading halt on the company's shares. The approval follows the British Columbia Securities Commission's cease trade order on May 7 resulting from Stallion's failure to file its audited annual financial statements, management discussion and...
BRIEF-Cirsa Confirms Its IPO Price At 15.00 Eur/Shr
BRIEF-Cirsa Confirms Its IPO Price At 15.00 Eur/Shr
Jul 7, 2025
July 7 (Reuters) - Cirsa Enterprises, S.A.U: * CONFIRMS ITS IPO AT €15.00 PER SHARE AND EXPECTS TO COMMENCE TRADING ON THE SPANISH STOCK EXCHANGES ON JULY 9, 2025 * PRICE IMPLIES A MARKET CAPITALIZATION OF APPROXIMATELY €2.52 BILLION FOR COMPANY FOLLOWING CAPITAL INCREASE * FREE FLOAT WILL BE C. 18.0% OF COMPANY'S SHARE CAPITAL, INCREASING TO 20.7% IF OVERALLOTMENT...
Chevron preps quick closing of Hess deal and awaits result of Exxon dispute
Chevron preps quick closing of Hess deal and awaits result of Exxon dispute
Jul 7, 2025
HOUSTON (Reuters) -Chevron is laying the groundwork to swiftly close its planned acquisition of smaller oil producer Hess, according to two sources and an industry analyst, including by preparing a severance program for some Hess workers. The preparations come as both companies await a decision in a legal challenge from larger rival Exxon Mobil that will make or break the...
Copyright 2023-2026 - www.financetom.com All Rights Reserved