Sun Holding Talks With Regulators
By ENS Economic Bureau | Published: 14th August 2014 06:00 AM |
MUMBAI: Global pharmaceutical major Sun Pharma is reported to be engaged in discussions with competition watchdog in India to get final approval for its $4 billion proposal to acquire homegrown Ranbaxy.
Sun had proposed to acquire Gurgaon-based Ranbaxy in an all stock deal in April 2014.
According to reports, Dilip Shanghvi, Managing Director of Sun Pharma said that the talks with Competition Commission of India and United States Federal Trade Commission were ongoing.
He was responding to analyst queries on if the acquisition would lead to monopoly in the marketplace.
While the stock exchanges and anti-competition authorities have given their clearances in all applicable markets excluding the US and India, the proposal if yet to get shareholders nod, it was reported.
Sun is looking to have a combined strategy as it has initiated an internal process of integration. However, the company said that Ranbaxy will continue to be run by its existing management.
Sun Pharma reported a net profit of Rs 1,391 crore for the quarter ending June 30 2014 when compared to Rs 1,276 crore recorded in the same period last year.