Zydus Cadila to buy out German Remedies
Zydus Cadila has offered to buy out the 44.6% stake it does not alreadyown in fellow Indian drugmaker German Remedies for 300 rupees ($6.14) per share. About a year ago, Zydus, through its subsidiary Recon Healthcare, acquired a sizeable stake in the firm from Asta Medica and Heller Vermogensverwaltungs (Marketletter April 23, 2001).
Through the open offer, Zydus wants to delist German Remedies and, in a statement, the former's chairman, Pankaj Patel, said that, "in consonance with the international best practices and the group philosophy, we believe that there should only be one single listed entity in the group, especially with respect to companies in similar, competing lines of business."
Even if Zydus' holding only rises to 90% after the open offer, shares of German Remedies will be delisted from the Bombay, Delhi and National stock exchanges.
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