Fosun shares suffer as $1.3 billion Gland takeover hits Himalayan roadblock
The Cabinet Committee on Economic Affairs of India (CCEA) has decided to block Shanghai Fosun Pharmaceutical’s (HK: 02196) 8.5 billion yuan ($1.3 billion) takeover of the Indian drugmaker Gland Pharma, according to reports.
Bloomberg reported the news on Monday, and since then Fosun’s share price has dropped by 2% to HK$27.10 in Hong Kong.
It was more than a year ago when the agreement for Fosun to buy an 86% stake in the Indian injectables company backed by American investment company KKR.
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