Merger of Pfizer and Wyeth's India subsidiaries
The deal has received the approval from their boards.
Mumbai, November 23, 2013: Pfizer Ltd, the Indian unit of the US drug firm Pfizer Incis all set to take over local affiliate Wyeth Ltd. The company said that the deal has already received the approval from their boards and the shareholders of Wyeth will get seven Pfizer Ltd shares for every 10 shares held, requiring the issue of approximately 15.9 million new Wyeth shares.
It is important to note here that Wyeth Ltd has a market cap of almost US$ 294 million and Pfizer Inc already owns 51.12 per cent in Wyeth Ltd, which in turn owns 63.57 per cent of Pfizer Ltd, which has a market cap of almost US$ 681 million.
Pfizer and Wyeth also announced that they would pay interim dividends of 360 rupees and 145 rupees per share respectively. The statement also mentioned that Bank of America, Merill Lynch and Citigroup were advisors to Pfizer and Wyeth respectively.