Article Abstract:
Sun Pharmaceuticals and Searle (India) of the RPG group are competing to acquire the pharmaceutical company, American Remedies Ltd (ARL) of Chennai. Nicholas Piramal and Ranbaxy Laboratories have opted out and are no longer in contention. ARL's scrip has increased to Rs68.80 on Mumbai Stock Exchange (Rs31.50 on July 30, 1998). ARL's brands include Becozinc, a vitamin-mineral pill, Antoxide, cephalosporin Cefalong, Ampilong and Gris-OD. It also manufactures primrose oil used in gynecology. The promoters of ARL hold 44 percent stake, around 15 percent stake is held by the management and 25 percent by the public. (gs)
Comment:
Competes with Sun Pharmaceuticals to acquire pharmaceutical co American Remedies of Chennai
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Article Abstract:
UAS Laboratories of the US is thinking of taking over the ailing Orissa Drugs and Chemicals Ltd (ODCL), promoted by IDPL and Industrial Promotion and Investment Corporation of Orissa Ltd (Ipicol). Ipicol has a 50.3 percent stake in ODCL while IDPL holds a 49.7 percent stake. UAS Laboratories proposes to acquire all the 15 lakh shares of ODCL at a price of Rs1 per share. UAS proposes to invest Rs7.98 crore over a period of three years as its contribution to revive ODCL. (khr)
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Article Abstract:
Novartis India has decided not to go ahead with its plans to acquire the 25.75 percent stake in Astra-IDL, which was formerly held by Astra AB of Sweden. Novartis has backed out of the deal as it felt that Astra AB is likely to take back its brands from Astra-IDL in 2004. The Hindujas, promoters of Astra-IDL, have been asking for a price of Rs400 per share but most potential buyers are not offering above Rs300 per share. (khr)
Comment:
Novartis India has decided not to go ahead with its plans to acquire the 25.75 percent stake in Astra-IDL, which was formerly held by Astra AB of Sweden.
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