Update on Ranbaxy - Pfizer interested?

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CNBC TV18 reported that Pfizer is exploring the possibility of getting into the race. There is no confirmation from Pfizer, but we learn from our sources that Pfizer has sounded out its bankers to approach institutional shareholders. A possible bid for Ranbaxy at this stage may look difficult especially when the promoters who hold 34.8% have committed to sell their stake to Daiichi Sankyo.

Financial institutions hold 41.28% stake in the company, with insurance companies holding a total of 19.88% and foreign institutional investors (FIIs) with 17.95% stake. The public holding is 21.24%.

Life Insurance Corporation or LIC, the largest domestic shareholder is likely to play a key role as it holds 15.84% stake in the company. When contacted, LIC said at this point in time it has not been approached by any entity seeking support for either an open offer or a possible bid. Sources refused to divulge any more details and all they would say is that the global pharma major is exploring the possibility.

Thanks : Moneycontrol.com

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