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Novartis offers to increase Indian stake

Novartis has announced a tender offer to acquire publicly owned shares in its Indian subsidiary, Novartis India

Novartis has announced a tender offer to acquire publicly owned shares in its Indian subsidiary, Novartis India at a price of $6.94 per share.

The Swiss company is offering to buy out public shareholders at a premium of 27 per cent per share over the closing price achieved on March 24, the last day of trading before the announcement.

Full acceptance of this offer would see Novartis increase its stake in the Indian subsidiary from 50.9 per cent to nearly 90 per cent in a deal worth a total of around $87m (Rs 4.4bn).

In accordance with Indian law, a public announcement will be published. The offer for the shares, which will be traded on the Bombay Stock Exchange, is expected to open in May 2009.

26th March 2009

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