Financial Daily from THE HINDU group of publications
Friday, Jun 28, 2002
Financial Daily from THE HINDU group of publications Friday, Jun 28, 2002 |
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Corporate
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Mergers & Acquisitions Parke-Davis — Pfizer merger swap ratio set at 9:4 Our Bureau
MUMBAI, June 27 THE boards of directors of Parke-Davis (India) Ltd and Pfizer Ltd today approved the share swap ratio of 9:4 (nine shares of Parke-Davis for every four shares of Pfizer) for the proposed merger of Parke Davis India and Pfizer. According to a press release, the merger of the two companies will create the fourth largest pharmaceutical company in India with a combined turnover of Rs 701.5 crore based on November 2001 audited results with an estimated market share of 3.74 per cent. The merger will be effective from December 1, 2001 subject to statutory requirements.
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