Shares of Merck were locked in the lower circuit for the second straight day, down 5% at Rs 3,064 per share on the BSE, after the Competition Commission of India (CCI) approved the acquisition of 51.8% stake in the company by Procter and Gamble Overseas.The stock has fallen 14% from its all-time high of Rs 3,549 recorded on Tuesday, September 3, 2018, on the BSE in intra-day trade. Till 11:49 am; a combined 42,423 equity shares changed hands and there were pending sell orders for 9,417 shares on the NSE and BSE.
Source: Business-Standard “The Competition Commission of India has approved the proposed acquisition by Procter & Gamble Overseas India BV of 51.8% equity share capital of the company,” Merck said in a press release to the exchanges on Tuesday.
“An approval has also been granted for the proposed transfer of the non-consumer health business of the company to Merck Life Science or any of its affiliates on a going concern basis by way of slump sale,” the drug company added.
Since April 19, 2018, the stock of Merck zoomed 133% from Rs 1,510 after the Procter & Gamble Overseas India made a mandatory open offer to acquire 26% stake in the company at price of Rs 1,500.36 per share.
