Indian units of global companies gain after GSK open offer

Mon Dec 16, 2013 2:47pm IST

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Reuters Market Eye - Shares in Indian units of global companies gain after GlaxoSmithKline Plc (GSK) (GSK.L) plans to raise its stake in its domestic unit GlaxoSmithKline Pharmaceuticals Ltd (GLAX.NS) via a $1 billion open offer.

Dealers say the open offer for GlaxoSmithKline Pharmaceuticals, which will be carried out at 26 percent above Friday's closing price, is raising hopes that other stake increases will also be carried out at similar premiums.

Among pharmaceutical units of global companies, Sanofi India Ltd (SANO.NS) gains 2.04 percent, Merck Ltd (MERK.NS) is up 5.62 percent, Abbott India Ltd (ABOT.NS) rises 2.49 percent, while Astrazeneca Pharma India Ltd (ASTR.NS) is 1.79 percent higher.

In other companies, Blue Dart Express Ltd (BLDT.NS) gains 1.11 percent, GlaxoSmithKline Consumer Healthcare Ltd (GLSM.NS) is up nearly 1 percent, while Nestle India Ltd (NEST.NS) rises 2.58 percent.

GlaxoSmithKline Pharmaceuticals shares surge 19 percent.

(Reporting by Abhishek Vishnoi)

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