Pharmaceutical major Wockhardt Ltd has agreed to sell its nutrition business to French food multinational Danone for about $356 million (Rs 1,576 crore), more than double the amount at which it had signed a similar deal with US pharmaceutical giant Abbott a year ago. The Abbott deal was called off after Wockhardt’s lenders opposed the sale of its nutrition business.
Under the current agreement, Danone will acquire Wockhardt's nutrition business and brands such as Farex, Dexolac, Nusobee and Protinex as well as related industrial operations from Carol Info Service, located in Punjab, to enter the baby nutrition and medical nutrition markets in India. Danone has global leadership in fresh dairy products and is the second largest player in bottled water and baby nutrition.
The renewal of negotiations became possible after the Bombay High Court refused to give an injunction to stall the sale of Wockhardt’s nutrition business as demanded by a section of the company's investors holding 40 per cent of its foreign currency convertible bonds last year. Wockhardt is yet to resolve its issues with its lenders, which include a clutch of investment firms and the company’s local competitor Sun Pharmaceuticals. The company may have to seek the Bombay High Court’s approval for the successful closure of the deal.crackcrack
| Company Name | CMP |
|---|---|
| Sun Pharma Inds. | 1863.60 |
| Dr. Reddys Lab | 1393.50 |
| Cipla | 1510.00 |
| Lupin | 2230.10 |
| Zydus Lifesciences | 981.60 |
| View more.. | |
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