Sandoz Spin-off Awaits Shareholder Approval On September 15

(RTTNews) - Swiss drug major Novartis AG (NVS) Friday issued an invitation for an Extraordinary General Meeting of shareholders that will take place on September 15 in relation to the Sandoz spin-off. Novartis Board has already approved the proposal.

In the meeting, the shareholders will vote on a dividend-in-kind as well as share capital reduction to effect the Spin-off.

If shareholders approve the spin-off that was initiated in August, then they will receive one Sandoz share for every five Novartis share or one Sandoz ADR for every five Novartis ADR.

Upon approval, Sandoz will be listed on SIX Swiss Exchange, with an ADR program in the US. The ADRs will not be listed on a U.S. national exchange.

The spin-off is planned to occur on or around October 4.

On Thursday, shares of Novartis are trading at $101.73 down 0.37% on New York Stock Exchange.