Fair point. I worded it poorly.
I don't think Amgen wants either, but a strategic stake is far easier than a buy out. What they would really like is for UNS to get their proverbial together, so they could be confident of supply going forward without having to do anything. I am guessing, however, that they don't see that happening without significant intervention.
A shareholding doesn't entitle you to a board seat (unless you take the company over), but you are likely to be able to vote directors in. In most cases, if a major shareholder asks for a seat, they will be given one. An angry holder with even 10% of a company's stock can cause a company a tremendous amount of grief. Easier just to make them feel included.
My line was really about what Amgen would want, not a lower limit on what they would agree to. At a minimum, they would demand very, very tight control on expenditure, principally R&D.
Agreed, you would get growth from Amgen products.
It is always possible that another player may emerge, creating some competitive tension. If that were the case, though, UNS wouldn't have extended the agreement with Amgen or they would have charged them a motza to extend it.
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