Swedish drugmaker Meda spurns Mylan takeover approach

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Swedish drugmaker Meda spurns Mylan takeover approach

By Sven Nordenstam and Mia Shanley STOCKHOLM (Reuters) - Swedish generic drugmaker Meda AB rejected a takeover approach by U.S. rival Mylan Inc to create a combined company worth around $24 billion. Meda said on Friday it had been contacted about an indicative proposal to combine the two businesses but its board had decided to reject the proposal. "All continued discussions between Meda and Mylan have been terminated without further actions," it said in a statement. Shares in Meda closed up 14 percent at 110.6 Swedish crowns valuing the company at 33.4 billion Swedish crowns ($5.1 billion) while Mylan stock rose 4.2 percent to $51.94 by 1627 GMT valuing that firm at $19.3 billion.

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