Competition Commission of India (CCI) has ordered a public scrutiny of a proposed merger and acquisition (M&A) of multi-billion dollar Sun Pharma-Ranbaxy deal.
Sun Pharma and Ranbaxy, which had announced a $ 4-billion deal in April this year, were asked to make public details of their proposed transaction in a "prescribed format" within 10 working days.
The company has received direction vide letter dated August 27, 2014 under Section 29(2) of the Competition Act, 2002 from the Competition Commission of India (CCI) directing the company to publish the details of the proposed combination in the prescribed format within 10 working days from the date of the said letter of the CCI," Ranbaxy Labs said in a stock exchange filing this morning.
The $ 4 billion-worth deal would create the fifth- largest specialty generics company in the world and the largest pharmaceutical company in India.
This is probably the first instance where the Competition Commission of India (CCI) has ordered a public scrutiny of a proposed merger and acquisition (M&A) deal to ensure compliance to fair trade regulations.
Sun Pharma and Ranbaxy, which had announced a $ 4-billion deal in April this year, were asked to make public details of their proposed transaction in a "prescribed format" within 10 working days.
The company has received direction vide letter dated August 27, 2014 under Section 29(2) of the Competition Act, 2002 from the Competition Commission of India (CCI) directing the company to publish the details of the proposed combination in the prescribed format within 10 working days from the date of the said letter of the CCI," Ranbaxy Labs said in a stock exchange filing this morning.
The $ 4 billion-worth deal would create the fifth- largest specialty generics company in the world and the largest pharmaceutical company in India.
This is probably the first instance where the Competition Commission of India (CCI) has ordered a public scrutiny of a proposed merger and acquisition (M&A) deal to ensure compliance to fair trade regulations.
