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Sunday, 12 June 2016

Valeant eyeing sale of Amoun

Embattled Canadian medical compound manufacturer Valeant International is considering selling Egypt’s Amoun, which it acquired in late 2015. The move comes as Valeant reportedly puts its debt-reduction plans into high gear, according to people with knowledge of the matter quoted by Bloomberg on Thursday. Valeant is working with Goldman Sachs Group on the sale, which is at a preliminary stage, the people said; Valeant, Amoun, and Goldman execs all declined to comment. “Amoun may attract [bidders] with an interest in expanding in emerging markets … The Egyptian company’s current executives could also pursue a management buyout with help from financial investors, though no final decision has been made,” the people said. Valeant is selling non-core assets to reduce its USD 31 bn debt load, eyeing a sale of some of its Latin American operations and selling some of its “smaller … assets.”

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