Novartis confirms Sandoz spin-off for October 4, 2023


ZURICH (Reuters) – Novartis on Monday confirmed its plans for a 100% spin-off of the Sandoz
ZURICH (Reuters) – Novartis on Monday confirmed its plans for a 100% spin-off of the Sandoz business on Oct. 4 after shareholders gave their approval earlier this month.
Novartis also said key regulatory approvals have been obtained, including the approval by SIX Exchange Regulation for the listing of the Sandoz shares on the SIX Swiss Exchange.
The Sandoz shares will have the symbol SDZ, Novartis said.
(Reporting by John Revill, Editing by Rachel More)
A spin-off is a corporate action where a company creates a new independent company by selling or distributing new shares. This often occurs to unlock value or focus on core operations.
The SIX Swiss Exchange is a stock exchange located in Zurich, Switzerland, known for trading securities, including stocks, bonds, and derivatives, and is one of the largest exchanges in Europe.
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