Takeda eases over first hurdle in bid to buy Shire

Just 10% of shareholders in Japanese drugmaker Takeda (TYO: 4502) supported a bid to derail the proposed $62 billion takeover of rare disease specialist Shire (LSE: SHP).

While the threat posed by a group of dissidents ahead of Thursday’s annual shareholders’ meeting could not be seen as representing the biggest hurdle for chief executive Christophe Weber to overcome to push through the deal, it will still be a welcome relief to have seen the rebels gain so little report.

There has been opposition among some investors to such a large deal, which Takeda sees as an opportunity to enhance its cash flow profile, deliver substantial annual cost synergies and generate attractive returns for shareholders.