After the announcement of the extensive layoffs at Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA), the Israeliness of the company was put in question. Those who say that Teva is already scarcely an Israeli company have received further grounds for their view. Giant US asset management company Capital Research has raised its holding in Teva to 12%, and it is now the largest single shareholder in the company.
In addition, according to Teva's notices to the Tel Aviv Stock Exchange, Allergan plc holds about 10% of its shares, and US asset management company Fidelity holds about 6.5%. If so, then 28.5% of Teva's shares are held by non-Israeli parties at interest.
On Friday it was reported that, following the release of Teva's first quarter results, S&P downgraded Teva's debt from BBB to BB, with a stable outlook. Teva's debt is thus rated at junk level by all three major international rating agencies: S&P, Moody's, and Fitch.
Teva's share price is currently down 3.4% on the Tel Aviv Stock Exchange, at NIS 64.72.
Published by Globes [online], Israel business news - www.globes-online.com - on February 11, 2018
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