MADRID (Reuters) -Spanish pharmaceuticals company Grifols proposed a 1.6 billion euro ($1.9 billion) takeover of its German rival Biotest on Friday, in a move to consolidate the plasma-based drug industry. Grifols said it had agreed with Tiancheng International Investment to buy the Hong Kong-based company's controlling stake in Biotest for 1.1 billion euros. The Barcelona-based company agreed to buy 89.88% of Biotest's ordinary shares that carry voting rights, but which represent only 44.54% of the company's capital, and a further 0.54% of capital in preferred shares that do not carry voting rights, from Hong Kong-based Tiancheng.
Grifols (GRFS) could be a stock to avoid from a technical perspective, as the firm is seeing unfavorable trends on the moving average crossover front.
Here are 5 stocks added to the Zacks Rank #5 (Strong Sell) List today