CD&R makes Rs 2,983 cr open offer for 26% stake in Sanofi Consumer Healthcare India
Sanofi Consumer Healthcare India Ltd for an aggregate of up to Rs 2,983 crore. The development follows Sanofi and Clayton, Dubilier & Rice (CD&R) entering into exclusive negotiations whereby CD&R Group has agreed to acquire a controlling stake in Opella, which holds a 60.4% stake in Sanofi Consumer Healthcare India.
The offer is made at a price of Rs 4,982.05 per share, aggregating to a total consideration of up to Rs 2,983.23 crore, according to the offer letter by Citigroup Global Markets India, the manager of the transaction, shared on BSE by Sanofi Consumer Healthcare India.
The open offer has been triggered by Sanofi and CD&R entering into exclusive negotiations for the potential sale and purchase of a 50 per cent controlling stake in Opella, Sanofi's consumer healthcare division.
The valuation of Opella is based on an enterprise value of 16 billion euros.
Upon completion of the transaction, CD&R would indirectly acquire the right to direct the exercise of 60.40 per cent of the voting rights of Sanofi Consumer Healthcare India and control over it, the filing said.
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