Opinion
The Sigma-Chemist Warehouse deal is upending all the usual rules
If you need proof that the $8.8 billion reverse listing is unusual, cast your mind forward to the company’s results on Thursday. They’re almost irrelevant.
Jemima WhyteSenior reporterIf you need further proof that the proposed $8.8 billion Sigma Healthcare-Chemist Warehouse deal breaks most of the usual M&A rules, cast your mind forward to the chemist group’s results on Thursday. They’re almost irrelevant.
That can be true for friendly mergers. But it’s magnified to an unusual degree in this case, because if this deal gets approved by the competition regulator, about 90 per cent of the combined group earnings will come from Chemist Warehouse.
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