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Competition Commission of India has announced through twitter ,that they have approved the proposal of multinational conglomerate P&G to acquire 51.80% stake in drug firm Merck Ltd, which is listed in the Indian capital market, for a cost of around Rs.1290 crore.
The deal is part of a global business acquisition of German pharmaceutical company Merck KGaA’s international consumer health business, for an all cash deal of around 3.4 Billion Euro. The acquisition will be carried out by, an investment holding company owned by P&G, named Procter and Gamble Overseas India BV.
The global business acquisition will take place by sale of Merck’s shares as well as various assets and other consumer health businesses located in 44 countries, including more than 900 products and 2 production facilities in Austria and India. The deal is expected to close by the end of the year.
