Abbott India and Solvay India to Merge

24 November 2010 (Last Updated November 24th, 2010 18:30)

Abbott Laboratories subsidiary Abbott India is to merge with chemical and pharmaceutical group Solvay India. Solvay shareholders will get three shares of Abbott India for every two they hold. Once the merger is complete, Abbott will hold about 75% in the combined entity Anui M

Abbott Laboratories subsidiary Abbott India is to merge with chemical and pharmaceutical group Solvay India.

Solvay shareholders will get three shares of Abbott India for every two they hold.

Once the merger is complete, Abbott will hold about 75% in the combined entity Anui Mithani of UBS Investment Bank told the Business Line.

The news follows Abbott Laboratories' takeover of Solvay's Belgian pharmaceutical business in 2009 for €4.8bn ($6.4bn).