The boards of directors of Abbott India and Solvay Pharma India have unanimously approved the draft scheme for the amalgamation of Solvay Pharma India into Abbott India under sections 391 to 394 of the Companies Act 1956.The swap ratio for the merger is fixed at 2:3 (every two share(s) of the Solvay Pharma India Ltd. will entitle their holder to three shares of Abbott India Ltd). After the announcement, Abbot India share touched to its intra day high at Rs 1699.90 and closed at Rs. 1472.75 today, with gain of Rs. 47 over previous close. However, Solvay Pharma share declined sharply by over Rs. 305 and closed at Rs. 2351.25.



The swap ratio for the merger was recommended by Ernst &, Young Pvt. Ltd. and PricewaterhouseCoopers Pvt. Ltd. UBS Securities India Pvt. Ltd. and DSP Merrill Lynch Ltd. have provided fairness opinions on the valuation of assets/shares to the boards of Solvay Pharma India and Abbott India respectively.