Armen guides Elan to new waters

THIS week, the Elan share price moved up to 4 on speculation that Bristol Myers were interested in taking over the company.

Seasoned market watchers were having none of it and the stock soon gave up much of its gains.

But there is no doubt new Elan chairman Garo Armen has steadied the ship. He gave an assured performance at the company's AGM last week, though there were raised eyebrows about the non-attendance of key members of the company's management committee at the event.