News

Agfa-Gevaert's battered share price, which has fallen around 70% in the past year, recovered slightly last week on the news that it may have found a buyer for its underperforming medical unit.

Agfa's shares rose more than 7% after chief executive Jo Cornu revealed the company had received many expressions of interest since appointing German merger advisory firm Lazard at the end of last month.

The share jump also followed the revelation by US private equity outfit Gores Group that it is interested in Agfa's healthcare division.

Gores said: "We find Agfa an interesting company with some great assets, and we are ready to speak about a partnership or a purchase."

Cornu told local television station Kanaal Z: "Gores is an investor with the right profile, but there are many more with the correct profile that have contacted us. I wouldn't call it offers, because then you're talking about a price."

Among those buying Agfa shares was its largest shareholder, the US investment fund Franklin Resources, which increased its stake from 11.5% to 12.56%, according to a Euronext release.