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Poison pump

30 March 2017 By Olaf Storbeck

Family-owned Busch is exploiting a German market quirk to bid 1.1 bln euros for peer Pfeiffer, below the current price. It may then be free to raise its stake at leisure. Oddly, Busch is offering more than it has to. Still, it’s not a great advert for German takeover rules.

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