Abbott Laboratories, US based pharmaceutical company said on Wednesday that it has completed the acquisition of the South Africa based Solvay pharmaceuticals. It acquired the global drug business of Solvay.

Abbott Capital India and Abbott Laboratories soon followed it with an offer to 20% of Solvay's India business by acquiring 10.09 lakh shares of Solvay Pharma India. They have planned to acquire the shares at Rs 3,054.73 per share, offering 7% premium over Tuesday's closing price. The banker to the offer is DSP Merrill Lynch ltd. Shares of Solvay Pharma soared up by 0.89% from the previous day after the news and closed at Rs 2879.85. The bid will open on 7 April and closes on 26 April.

68.85% in Solvay Pharma will be held by the promoters and after the offer 20 % stake Abbot will have 88% stake in the company. After which Abbot can also consider to delist the company.

A 4.5 billion euro deal has just been completed between the Belgium based Solvay and Abbot with the later acquiring the former. Abbot has huge plans to expand as is evident from the fact that also signed an agreement to acquire the nutrition businesses of Wockhardt Ltd, Carol Info Services Ltd, and certain Wockhardt subsidiaries and group companies. Even these deals were worth $130 million cash.