Roche details bond offerings

Roche (SIX:ROG) said it completed a $16.5 billion bond offering and expects to close a second offering of euro and sterling-denominated notes on March 4. The second offering comprises EUR 11.25 billion ($14.4 billion) in fixed and floating rate notes and L1.25 billion ($1.8 billion) in fixed rate notes. Roche hopes to raise a total of $32.7 billion in the offerings.

Roche said it intends to use part of the proceeds to finance its tender offer for the 44.2% of Genentech (NYSE:DNA) it doesn't already own. On Monday, a special committee of the board of Genentech recommended that shareholders not tender their shares into Roche's offer of $86.50 a share, or $40.2 billion. Genentech was down $1.93 to $85.55 on Friday. ...