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Business deals

Takeda borrows $31bn for Shire buyout but vows to deleverage

Japanese drugmaker plans to cut debt by half in 3-5 years to keep credit rating

Takeda's buyout of Shire, if it goes through, will leave Shire shareholders with about half the combined company.   © Reuters

TOKYO -- Takeda Pharmaceutical on Tuesday said it will raise nearly half of the 46 billion pounds ($62.3 billion) for the Shire buyout from a bridge loan but assured shareholders that it would deleverage rapidly to keep its investment-grade credit rating.

Takeda said on Tuesday that its shareholders had agreed to buy Ireland-based drugmaker Shire in a cash and stock deal, moving closer to sealing the biggest-ever overseas acquisition by a Japanese company. If the deal goes through, it will put Takeda among the world's top 10 drugmakers by revenue.

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