Grifols shares tumble as Brookfield plans to drop takeover plan
Recasts with family spokesperson confirming Brookfield's decision, updates share move in paragraph 2, adds quote in paragraph 3
MADRID, Nov 27 (Reuters) -Canadian fund Brookfield BAM.TO has dropped its plan to take over Spain's Grifols GRLS.MC due to a disagreement over the pharmaceutical company's value, a spokesperson for the Grifols family told Reuters on Wednesday.
Brookfield had filed a non-binding offer on Nov. 19 for Grifols that valued the developer of human plasma-based drugs at 6.45 billion euros ($6.79 billion).
Grifols shares were down 12% at 1015 GMT after Bloomberg first reported Brookfield's decision, while the blue-chip index IBEX 35 was down 0.8%.
"Brookfield is withdrawing its offer due to a discrepancy over the price. The company has a much higher value (than what Brookfield offered)," the founding family's spokesperson said, adding: "We continue as we were".
Brookfield said in September it was interested in launching a takeover bid jointly with the Grifols family, pending successful completion of due diligence.
Company spokespeople for Grifols and Brookfield did not immediately respond to requests for comment.
($1 = 0.9505 euros)
Reporting by Joan Faus, Inti Landauro, David Latona and Andres Gonzalez, Editing by Louise Heavens
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