December 13: Pictures for the day
December 13: Pictures for the day
A laboratory assistant examines samples inside a laboratory in Siliguri
British consumer goods firm Reckitt Benckiser agreed to buy privately-held Indian company Paras Pharmaceuticals for about $726 million, to boost its operations in a fast-growing healthcare market.
Big global healthcare firms are fast driving into emerging markets as sales stall in developed countries and as they look to tap into the healthcare needs of billions of new consumers in places such as China, India, Brazil and Russia.
Paras, which clocked sales of more than Rs 400 crore ($89 million) in the financial year ended March, makes several over-the-counter medications, including Moov pain relief ointment, Krack heel care lotion, and D'Cold cold remedy.
\"The research base of companies and the market potential in India are the main attractions for foreign players in the Indian healthcare sector,\" said R.K. Gupta, managing director at Taurus Asset Management Co
A bird flies by the Vedanta office building in Mumbai
The government will take a decision by March on whether to allow UK explorer Cairn Energy's plan to sell majority stake in its local unit to Vedanta Resources, the oil minister said, further delaying a key nod by a month.
\"We have to move with caution. There are too many complications. We will decide by the end of this financial year,\" Murli Deora told reporters on Monday.
India's financial year runs from April to March.
Cairn Energy agreed in August to sell a stake of 40 to 51 per cent in its Indian arm Cairn India to Vedanta in a deal worth upto $9.6 billion.
S. Sundareshan, the top bureaucrat in India's oil ministry had said last month the government would make its decision before end-February.
Cairn Energy has applied to the oil ministry for transferring Cairn India's majority stakes in 10 oil and gas block to Vedanta.
A worker sits beside an oil tank at a storage facility of an oil company on the outskirts of New Delhi
State-run Indian Oil Corp's share sale is likely to be delayed to the next fiscal year starting in April due to a surge in the price of crude oil to the highest level in two years, the Mint reported on Monday.
Indian Oil's chairman had said earlier this month that the company was aiming to raise $4.4 billion through a follow-on share sale in January.
Citing an unnamed official at the disinvestment ministry, the Mint newspaper said the cabinet approval for the proposed offering had not been sought yet and the issue was likely to be deferred.
Employees enter Sanofi-Aventis headquarters in Paris
Sanofi-Aventis extended its $18.5 billion cash offer for US biotech group Genzyme until Jan 21 and left open the option to prolong it further, a sign the French drugmaker is ready for a long battle.
Nearly 1 per cent of Genzyme shareholders had tendered their shares to Sanofi's $69-a-share offer before an initial deadline expired on Friday, Sanofi said in a statement on Monday.
Sanofi's efforts to buy Genzyme could continue until May, when Genzyme holds its annual shareholder meeting, giving Sanofi a chance to try to overturn Genzyme's board.
\"In order to provide additional time to allow holders of Genzyme common stock to tender their shares, the tender is now scheduled to expire at 11:59 p.m., New York City time on Jan. 21, 2011, unless it is further extended,\" Sanofi said.
Long takeover battles are not uncommon. U.S. industrial gases company Air Products has
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