*United Breweries Group* plans to sells its 10.27% stake in *Aventis Pharma Ltd* to the parent company- *Hoechst GmbH.*
Hoechst plans to acquire shares from *Kingfisher Finvest, United Breweries (Holdings), McDowell Holdings* and *Mallya Private Ltd* at Rs1,750 a share. The acquisition is likely to be completed on or after March 30. Transaction Reference: DNA<http://www.dnaindia.com/money/report_hoechst-gmbh-to-buy-ub-group-stake-in-aventis-pharma_1361954> Transaction Note *Aventis Pharma Ltd* markets in seven major therapeutic areas including cardiovascular, oncology, central nervous system, metabolic disorder, internal medicines and vaccines. Some of the popular brands, which the company market include Avil, Soframycin, Combiflam and Novalgi. Currently, Hoechst GmbH holds 50% stake in Aventis. UB group had announced its intention to sell its stake in Aventis last year, as a part of the group's plan to deleverage by selling its non-core investments. The group was in final stages of talks for stake sale in* USL* with *Diageo*, which did not go through. It was an attempt by the group to retire a portion of its debts through the stake sale. In May 2007, UB had raised a debt of £595 mn for buying Scotch major *Whyte & Mackay*. The UB Group was not interested in selling more than 15% in USL because under the SEBI rules, the move would have triggered an open offer for another 20% share, which would have helped Diageo match the promoter’s shareholding in the company. The group then sold 10.27% stake in USL to a PE for Rs 950 -- Regards Hardik Shah -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
