Pfizer offers to boost stake in Indian arm
April 13, 2009
U.S. drug maker Pfizer Inc. has offered to pay about $136 million to boost its stake in its Indian arm Pfizer Ltd, Profile, Research, to 75-percent, according to Reuters. Pfizer will launch a tender offer to buy a 33.77 percent stake in the Indian business at a price of 675 rupees per share. The offer represents a premium of more than 8 percent to the April 9 closing price for Pfizer Ltd. Pfizer already owns 41.23 percent of the Indian company. It expects the offer, which is subject to regulatory approvals, to open in June.