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Business
GSK Seeks To Boost Stake In Indian Unit
by Jean-François Tremblay
December 23, 2013
| A version of this story appeared in
Volume 91, Issue 51
GlaxoSmithKline has made a public offer, worth $1 billion if fully executed, to acquire shares in its Indian subsidiary that are listed on the National Stock Exchange of India. Through the offer, GSK aims to increase its stake from 50.7% currently to 75.0%, the maximum allowed if the subsidiary is to remain listed. GSK’s bid represents a 26% premium over the price of the shares prior to the offer. GSK Pharmaceuticals is one of India’s largest drug companies with more than 5,000 employees and sales last year of $420 million.
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