Rain CII Carbon LLC, a wholly owned step-down subsidiary of Hyderabad-based Rain Commodities Ltd, has agreed to acquire Rutgers NV, a Belgium-headquartered coal tar pitch manufacturer. Coal tar pitch is used chiefly as road tar, in water proofing roofs and other structures, and to make electrodes.
Rain executed a share purchase agreement with Triton — an investment firm focussed on mid-sized European businesses — to acquire 100 per cent stake in Rutgers for gross enterprise value of 702 million euros.
The announcement said Rain CII planned to fund the transaction through a mix of internal accruals and issue proceeds of 533 million euro long-term bonds. The transaction is expected to close in the first quarter of 2013, subject to regulatory approvals and customary closing conditions.
Dr Reddy’s to acquire OctoPlus
Dr Reddy’s Laboratories Ltd together with its subsidiaries today announced its intent to buy Dutch firm OctoPlus for an offer price of 27.39 million euros. In a statement the Hyderabad-based pharma major disclosed the intended public offer to acquire the issued and outstanding shares of OctoPlus NV.
OctoPlus is a service based specialty pharmaceutical company. Dr Reddy’s offer price of 27.39 million euros (cum-dividend) in cash, represents 100 per cent of the issued and outstanding ordinary shares. The offer price represents a premium of 30 per cent over the closing price of OctoPlus as of October 19.
GV Prasad vice-chairman and CEO of Dr Reddy’s said, “As we globalise our R&D efforts, we are
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