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Abbott India to merge with Solvay India

Abbott India to merge with Solvay India
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First Published: Wed, Nov 24 2010. 07 46 PM IST
Updated: Wed, Nov 24 2010. 07 46 PM IST
Mumbai: Abbott India Ltd., a listed subsidiary of drug maker Abbott Laboratories, and Solvay India Ltd. have jointly announced on Wednesday they will merge at a swap ratio of 2:3 where every shareholder of Abbott Laboratories will receive three shares of Solvay India for two shares they own. This merger follows a global acquisition of Belgian-based pharmaceutical company Solvay SA by Abbott in 2009 in a 4.8 billion euro global deal.
Anuj Mithani, director-healthcare, UBS Ltd. said, “We have used a bottom-up analysis by looking at various parameters including valuation of like companies in the sector and Abbott’s future plans.”
He expects the process to conclude by early next year.Share price of Abbott rose 3.32% to end at Rs1472.75 per share on Wednesday on BSE. Abbott, which is currently looking to consolidate its presence in the Indian market, had in May 2010 acquired local drug market Piramal Healthcare Ltd.’s domestic formulation business for around Rs17,000 crore.
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First Published: Wed, Nov 24 2010. 07 46 PM IST