Wanbury Board approves acquisition for Euro 50 million

Wanbury Ltd has announced that the Board of Directors of the Company at its meeting held on October 16, 2006, inter alia, has approved the following:

1. The acquisition of the branded generic business of Industrial Farmaceutica Cantabria, S. A., through Cantabria Pharma S. L., a Spanish Pvt Ltd Company, having its Registered Office at Madrid, Spain, for consideration of Approx. Euros 50 Million (Approx. Rupees 300 Crores) linked to achievement of milestones negotiated with the Seller.

2. Postal Ballot for shareholders approval for making Investment (s) in Shares / Securities, give loan (s) or give guarantee (s) or provide security (ies) directly or indirectly in favour of Cantabria Pharma S L, a Spanish Pvt Ltd Company, having its registered office at Madrid, Spain, Wanbury Holdings B V, a wholly owed Subsidiary Company of the Company, having its Registered Office at Amsterdam, Netherlands, or any Bank or Financial Institution upto Rs 400 Crores.

3. To borrow Euro 34 Million to make an investment in Wanbury Holdings B V, a wholly owed Subsidiary Company of the Company and / or Cantabria Pharma S L.

Source : Equity Bulls

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