Abbott bids for 20 per cent of Solvay India
17 Feb 2010
On completion of its $6.6 billion acquisition of the pharmaceutical business of Belgium's Solvay on Monday, 15 February, the American diversified pharmaceuticals health care company Abbott Laboratories has now made an open offer to acquire 20 per cent of Solvay's business in India.
Abbott Laboratories, through its Indian subsidiaries, Abbott Capital India and Abbott Laboratories, made an open offer today to acquire 10.09 lakh shares of Solvay Pharma India at Rs3,054.73 per share, according to a filing made by Solvay Pharma India to the Bombay Stock Exchange.
The open offer, opening on 7 April, would cost Abbott approximately Rs308.51crore. Solvay India had a paid up capital Rs5.07 crore as at the end of December 2009.
Mumbai-based Solvay Pharma India Ltd., with a turnover of Rs1,84 crore, was formed in 2002 as a consequence of the demerger of the pharma business of Duphar-Interfran Ltd. Solvay Pharma India Ltd. has presence in the field of women's health, gastroenterology, mental health and influenza vaccines.
It operates through two sales divisions, 8 manufacturing facilities spread across 5 states and has more than 1100 distributors.
Abbott made the open offer to the shareholders of Solvay Pharma India today after it closed the acquisition of the pharmaceutical business of Belgium's Solvay for $6.6 billion in cash and take full control of its joint cholesterol drug venture.
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