Ann: Results Announcement, page-94

vifor is not growing, the "challenges" facing it are greater than management expected, in othher words they overpaid.

Yes, I read about the unmet need and the opportunity in kidney disease, but did CSL need to be involved in that?

It's not exactly great for shareholders if you dillute the quality of a company so that the earnings multiple contracts now is it? So CSL is a bigger company, but less profitable?

That doesn't actually help shareholders. As they admitted in the rem report, they reduced the LTI of execs to reflect the "shareholder experience" among others things.

A common tactic of restructures, strategic reviews and activist investing is for compnaies to divest lower quality divisions. The latest example is Treasury Wine. The rationale is that the market will reward the remaining higher quality divisions with a higher multiple and the net result being greater value to shareholders.