Strides Arcolab denies merger with Orchid Chemicals

with reference to the news article appeared in leading financial daily titled "Strides, Orchid may see stake rejig", Strides Arcolab Ltd has clarified to BSE that the news item on Strides-Orchid deal and Strides-Sandoz deal is highly speculative and baseless.

- The Company is not in talks with any other Company in India or Internationally for a merger.

- PE firm Symphony Capital Partners (Asia] Ltd (earlier known as Schroders Capital) does not control 66% in the Company. Their holding in the Company is only 35% contrary to the press reports.

- The holding by FII’s is independent holdings by leading international institutions and has no connection with the stake held by Symphony.

- The Company is not in talks with Sandoz or any other Company for a stake sale.

- The Company is not aware of any stake sale by Symphony.

- Neither the management at the Company nor the Board of the Company is exploring any strategy of merging with Orchid Chemicals.

After the aborted merger with Matrix Laboratories in June 2005, the Company has followed a path of aggressive growth and in the recent past acquired companies in Italy, Poland and Singapore, which is reflected in the topline guidance of 35% for the current year.

Under the circumstances, the Company denies the news item as highly speculative and baseless. The news item itself carries a rebuttal by Mr. Arun Kumar, Managing Director who has termed the merger rumour as 'market speculation'.

Source : Equity Bulls

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