Shire hires Citi to work on bids

Tim Wallace
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PHARMA group Shire has hired Citi to defend it against takeover bids, it emerged yesterday.

Firms including US drug-maker Allergan have shown interest in a possible deal with Shire.

The mid-sized, UK-listed business could appeal to American firms looking to spend foreign cash instead of facing US taxes when the repatriate the funds.

The investment bank has been hired to negotiate the takeover bids, Reuters reported.

Citi and Shire declined to comment on the report when contacted yesterday.