Pharmaceuticals giant GSK increase stake in Indian healthcare unit to 73%

UK drug maker GlaxoSmithKline Plc (LON:GSK) said today it had increased its stake in its Indian unit GlaxoSmithKline Consumer Healthcare Ltd to 72.5% from 43.2%, as part of a voluntary tender offer launched by its subsidiary GlaxoSmithKline Pte Ltd.

During the offer period, which ran from 17 January to 30 January, some 12.3m shares of the target, or 29.3% of its total stock, were validly tendered. The buyer has proposed INR3,900 (USD73.23/EUR54.15) apiece, giving the deal a value of INR48bn (USD901.2m/EUR666.7m).

HSBC Securities and Capital Markets (India) Private Limited is managing the offer, which was originally unveiled on 26 November 2012. The final payment date is on or before 13 February, GSK said.

The transaction will allow GSK to further bolster its presence in India, which it considers a key emerging market, it added.

US watch maker Movado takes control of UK distribution venture

US watch maker Movado Group Inc (NYSE:MOV) said it had acquired an additional stake in MGS Distribution Limited (MGS) from its UK partner Swico Limited, raising its interest in the UK distribution joint venture from 51% to 90%.

As a result of the deal, financial details of which were not revealed, the pair terminated their joint venture agreement. MGS will become a wholly owned unit of Movado, whereas Swico will continue to provide logistical support and after-sale service to the firm.

Movado also announced that MGS had bought its 100% interest in MGI Luxury Group UK Limited, a distributor of the US firm’s Movado and Ebel brands in the UK. The target will transfer its business to MGS in the first quarter of fiscal 2014.

Movado expects that both deals would en