Abbott India, a part of Abbott Laboratories, USA, has come out with an open offer for acquisition of Solvay Pharma India at price of Rs 3,054.73 per share. Abbott is acquiring 10.10 lakh equity shares of Rs 10 each representing in the aggregate 20 per cent of the voting equity capital of Solvay Pharma. The total fund requirement for the Offer worked out to Rs 308.51 crore. DSP Merrill Lynch Ltd will be the manager to the Offer and will open on April 7, 2010 and will close on April 26, 2010.
The open offer to the shareholders is being made following the global acquisition of 68.85 per cent holding of Solvay SA, Belgium by Abbott Labs, USA, which has resulted in an indirect change in control of Solvay.. Solvay Pharma India Ltd was formed on April 1, 2000 as Duphar Pharma India Ltd as a consequence of the demerger of the pharma business of Duphar-Interfran Ltd. The name of the company was changed subsequently to Solvay Pharma with effect from April 15, 2002. Sovlay Pharma operates in the field of women's health, gastroenterology, mental health, and influenza vaccines. The paid up capital of the company stood at Rs 5.07 crore as at the end of December 2009.