The board of directors of both Pfizer and Parke-Davis which met today have approved the amalgamation of Parke-Davis India with Pfizer subject to necessary approvals.
The merger ratio has been fixed at 4 shares of Pfizer for every 9 shares of Parke Davis, according to an intimation to the Bombay stock exchange.
The Scheme of Amalgamation under Sections 391 to 394 of the Companies Act, 1956 is subject to the approval of the requisite majority of the shareholders and the Mumbai High Court.
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This scheme of amalgamation when approved will be effective from the current financial year of the company i.e. from December 1,2001.
The board decisions will now allow for the legal merger of the two pharmaceutical firms although the two companies have completed its the operational merger some time ago.
Both Pfizer and Parke Davis are affiliates of the US-based drugmaker Pfizer Inc, after Warner Lambert, Parke-Davis