MERIND: GETTING A GOOD PRICE

Article Abstract:

Wockhardt, after acquiring a 50 percent stake in Merind from the Tatas in February 1998, had made an open offer to the company's shareholders at Rs260 per share. After the open offer, Wockhardt increased its holding in Merind to 91.21 percent. It has now made a second offer to acquire the remaining 8.79 percent at the same price of Rs260 percent share. This is in line with the company's plans to make Merind a 100 percent subsidiary. The offer opened on August 25, 1998 and closes on September 15, 1998. (khr)

Comment:

Makes a second offer to acquire remaining 8.79% it does not own in Merind at Rs260 percent share

Parent-to-subsidiary activities, Article

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WOCKHARDT PRUNES MERIND STAFF BY 30% THROUGH VRS

Article Abstract:

Wockhardt Ltd has trimmed the workforce at the Bhandup unit of its subsidiary, Merind Ltd, by 30 percent through a voluntary retirement scheme (VRS). Sources say that the company has spent over Rs6 crore on the VRS and a similar exercise for its executive cadre may take place. The company has stopped operations of the sterile formulations facility at the unit and will now only house the manufacturing facility for producing Vitamin B-12 and a small chemical manufacturing facility. (khr)

Comment:

Wockhardt Ltd has trimmed the workforce at the Bhandup unit of its subsidiary, Merind Ltd, by 30 percent through a voluntary retirement scheme (VRS).

General services, Labor force information, Merind India

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