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Ranbaxy CEO says sold stake to ensure Daiichi deal

NEW DELHI
Wed Jun 11, 2008 4:57am EDT

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NEW DELHI (Reuters) - The chief executive of India's Ranbaxy Laboratories (RANB.BO) said on Wednesday Japan's Daiichi Sankyo (4568.T) wanted a controlling stake in the Indian firm and a deal would not have happened without the founders selling their entire holding.

Deals

Daiichi earlier said it would buy Ranbaxy founders' 34.8 percent stake in the firm and also make an open offer for another 20 percent in a friendly deal worth up to $4.6 billion.

For more on the Daiichi-Ranbaxy deal see

(Reporting by Devidutta Tripathy)
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