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Pfizer open offer for India unit to start June 10

Thu Apr 16, 2009 9:54am EDT

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MUMBAI, April 16 (Reuters) - An open offer by U.S. drugmaker Pfizer Inc (PFE.N) to buy 33.77 percent in its Indian unit, Pfizer Ltd (PFIZ.BO), will start on June 10 and close on June 29, the offer manager said on Thursday.

Earlier this week, Pfizer Inc offered to pay about $136 million to boost its stake in its Indian arm to 75 percent. It already owns 41.23 percent of the Indian company.

Pfizer and Pfizer Investments will offer to buy up to 10.08 million shares in the Indian firm at a price of 675 rupees per share, offer manager HSBC India said.

Shares in the Indian unit closed down 1.7 percent at 688 rupees in a Mumbai market .BSESN that fell 3 percent. (Reporting by Prashant Mehra; )



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