Sun, Ranbaxy complete $4-bn merger
25 March 2015 11:07 PM GMT
Almost a year after announcing a $4 billion deal, Sun Pharmaceutical Industries on Tuesday said merger of Ranbaxy with itself has been 'consummated' following receipt of requisite approvals.
In a filing to the BSE, the company said all the requisite approvals have been received for the merger of Ranbaxy into Sun Pharma effective from the appointed date of April 1, 2014.
It further said the approvals received from the respective High Courts have been filed by Ranbaxy and Sun Pharma with the respective Registrar of Companies on Tuesday. "With these filings the merger of Ranbaxy into Sun Pharma has been consummated," the company said.
In April, 2014, Sun Pharma had announced it would acquire troubled rival Ranbaxy in an all-stock transaction worth $4- billion that includes $800 million debt. The merger would create India's largest and the world's fifth largest drugmaker.
In a filing to the BSE, the company said all the requisite approvals have been received for the merger of Ranbaxy into Sun Pharma effective from the appointed date of April 1, 2014.
It further said the approvals received from the respective High Courts have been filed by Ranbaxy and Sun Pharma with the respective Registrar of Companies on Tuesday. "With these filings the merger of Ranbaxy into Sun Pharma has been consummated," the company said.
In April, 2014, Sun Pharma had announced it would acquire troubled rival Ranbaxy in an all-stock transaction worth $4- billion that includes $800 million debt. The merger would create India's largest and the world's fifth largest drugmaker.
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