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Government Approves Acquisition of up to 77.8 Percent Stake in Merck

Drug firm Merck Ltd said the government has approved the proposal of Procter & Gamble Overseas India BV to acquire up to 77.80 percent stake in the company. The Department of Pharmaceuticals has approved the proposal of Procter & Gamble Overseas India BV for acquisition of up to 77.80 percent of the paid-up equity share capital of the company, Merck Ltd said in a filing to BSE. The company further said out of the 77.80 percent paid-up equity share capital, 51.80 percent was held by current promoters and up to 26 percent by public shareholders, it added.

In April this year, Merck Ltd had said that Procter & Gamble would acquire 51.80 percent stake for Rs 12.89 billion in the company as part of a global deal under which P&G was taking over German firm Merck KGaA’s international consumer health business. In a regulatory filing then, Merck Ltd had said Procter & Gamble Overseas India B.V and The Procter & Gamble Company had launched up to Rs 6.47 billion open offer to acquire up to 4,315,840 equity shares of Merck Ltd, constituting 26 percent stake, from public shareholders. – Business Standard

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