Shares of Pfizer rallies on internal restructuring plans

fe Bureau Posted online: Monday, Feb 24, 2014 at 0000 hrs
Mumbai : Shares of Pfizer Ltd gained 18.18% in intra-day on BSE after the company in an exchange release announced an internal corporate restructuring plan.

Pfizer East India BV Netherlands would acquire stakes of Pfizer Corporation (31.42%) and Pfizer Investments Netherlands BV (29.52%).

While the stake of Pfizer Corporation would be bought without any consideration, the stake of Pfizer Investments Netherlands BV has been priced at Rs 1,537/share or 47.68% premium to Friday's closing price of Rs 1,040.

The announcement also rubbed on shares of Wyeth as the pharma player will be merged with Pfizer. The Wyeth scrip gained 15.97% intra-day on Monday.