Pfizer, Wyeth Indian units to merge
The Indian unit of global pharma company Pfizer Inc is to take over local affiliate Wyeth Ltd. The company already owns 51.12% of Wyeth Ltd, which in turn owns 63.57% of Pfizer Ltd, as the unit in India is known. Both Boards of Directors have approved the deal.
The deal means that shareholders of Wyeth will get seven Pfizer Ltd shares for every 10 shares held, requiring the issue of approximately 15.9 million new Wyeth shares. Both companies will pay interim dividends of 360 rupees and 145 rupees per share respectively.
Wyeth Ltd has a market capitalization of about $294 million and Pfizer Ltd has a market capitalization of $681 million.
Aijaz Tobaccowalla, Managing Director, Pfizer India and Wyeth India.
Pfizer, Wyeth merger to add more value to stocks (Economic Times)
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