Procordia AB of Stockholm, Sweden, is becoming solely a drugand biotechnology company, the Swedish industry departmentannounced Thursday, and will divest food and consumerproducts into a new company called Branded ConsumerProducts.
AB Volvo will swap a block of its Procordia shares for thestate's interest in the non-drugs business, the departmentannounced at a news conference. Volvo is expected to bid forthe remaining shares in BCP to become its sole owner. After thetransaction, Volvo will have 25 percent of the voting rights ofthe revamped Procordia, and could gain 10 percent more whenthe state sells its Procordia shares to the public.
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