Zydus Wellness rises over 4% as CCI clears deal with Heinz India

Shares of Zydus Wellness surged over 4 per cent Wednesday as the CCI approved Zydus Cadila's deal to acquire Heinz India's consumer wellness business.

Zydus Wellness rises over 4% as CCI clears deal with Heinz India
Shares of Zydus Wellness surged over 4 per cent Wednesday as the CCI approved Zydus Cadila's deal to acquire Heinz India's consumer wellness business. Source: Reuters
Written By: PTI
Updated: Wed, Dec 12, 2018
01:33 pm
PTI
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Shares of Zydus Wellness surged over 4 per cent Wednesday as the CCI approved Zydus Cadila's deal to acquire Heinz India's consumer wellness business. The stock gained 4.36 per cent in early trade to Rs 1,360.9. At noon, the scrip was trading at Rs 1,359, up 4.22 per cent from the previous close.

On NSE, the stock increased 4.45 per cent to touch a high of Rs 1,363.9. Zydus Wellness jointly with Cadila Healthcare signed definitive pacts to acquire Heinz India for Rs 4,595 crore that includes net working capital of Rs 40 crore, cash worth Rs 15 crore and assumes no debt.

The Competition Commission of India (CCI) in a tweet Tuesday said it "approves acquisition of businesses of Heinz related to four brands namely Glucon-D, Nycil, Sampriti Ghee and Complan by Zydus/Cadila".
Heinz India is a subsidiary of the US-based Kraft Heinz. Cadila Healthcare holds majority stake in Zydus Wellness.