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India’s govt approves Daiichi-Ranbaxy deal
Posted by Yogesh on Wednesday, 6 August, 2008
NEW DELHI, Aug 6 – India has approved Daiichi Sankyo’s stake purchase in the country’s top drug maker by sales, Ranbaxy Laboratories , the finance ministry said in a statement on Wednesday.
Japan’s Daiichi has agreed to buy a 34.8 percent stake in Ranbaxy and aims to take up to 20 percent more from the open market in deals worth up to $4.6 billion.
The Japanese drug maker will also make an open offer to buy up to 20 percent of shares in another Indian firm, Zenotech Laboratories , which is 47-percent owned by Ranbaxy.
Source Reuters
