German healthcare group Fresenius SE will slash costs and proceed with plans to cede strategic control over struggling dialysis group Fresenius Medical Care (FMC) as its new CEO seeks to simplify the diversified healthcare group, it said.
Sen, who became Fresenius CEO in October shortly before Elliott's stake became known, has previously said he would focus on profitability.
Fresenius said in its statement that net debt at the end of 2022 rose 3% from a year earlier to reach 25 billion euros, or 3.65 times its earnings before interest, taxes, depreciation and amortisation , That set-up currently gives Fresenius strategic control and the right to appoint leadership positions even though it only holds 32% of FMC's capital, but Sen said the parent company derived no benefits from that arrangement.Frankfurt-listed shares of Fresenius and FMC were up 1% and 2.2%, respectively.
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