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Merger and Acquistion Scenerio in Pharmaceutical IndustryProf Shuchi Gautam

Faculty SITRC

Mahiravani

Nashik

shuchi.gautam@sitrc.org

9975914466

AbstractThis Paper is an attempt to study the Phenomena of merger andacquisition deals in Pharmaceutical companies.The Indian Pharmaceutical Industry today is in the front rankof Indias science-based industries with wide rangingcapabilities in the complex field of drug manufacture andtechnology. It ranks very high in the third world, in terms oftechnology, quality and range of medicines manufactured. From

simple headache pills to sophisticated antibiotics and complexcardiac compounds, almost every type of medicine is now madeindigenously.

Playing a key role in promoting and sustaining development inthe vital field of medicines, Indian Pharma Industry boasts ofquality producers and many units approved by regulatoryauthorities in USA and UK. International companies associatedwith this sector have stimulated, assisted and spearheaded thisdynamic development in the past 53 years and helped to putIndia on the pharmaceutical map of the world.

This paper also focus on the trend of merger and acquisitondeals in the pharmaceutical industry in the past 10 years.Thispaper also studies the motive behind the merger and acquisitiondeals and the reason of failures of merger and acquisition dealsin pharmaceutical companies.

Key WordsRestructuringGlobalisationStrategyGlobal competitiveness

The Indian pharmaceutical industry is a

success story providing employment for

millions and ensuring that essential drugs at

affordable prices are available to the vastpopulation of this sub-continent.

Richard Gerster

Introduction to Merger and Acquisition

The process of corporate restructuring through mergers andacquisitions has occupied much relevance in post-liberalizationperiod. The financial characteristics of a firm play a critical rolein the merger decision process.

The functional importance of M&As is undergoing a sea changesince liberalisation in India. The MRTP Act and other

legislations have been amended paving way for large businessgroups and foreign companies to resort to the M&A route forgrowth. Further The SEBI (Substantial Acquisition of Shares

and Take over) Regulations, 1994 and 1997, have been notified.The decision of the Government to allow companies to buyback their shares through the promulgation of buy backordinance, all these developments, have influenced the marketfor corporate control in India

In the Indian pharmaceutical market there are a number ofcompanies that have entered into merger and acquisitionagreements in the context of the global market scenario. Thesecompanies would be selling off the non-core business divisionslike Over-the-Counter. This is expected to further theconsolidation in the mid-tier as far as the pharmaceuticalindustry in Europe is concerned. There are several causes ofmergers and acquisitions in the global pharmaceutical industry.Among them are the absence of proper research anddevelopment facilities, gradual expiry of patents andcompetition within specific pharmaceutical genres. The highprofile product recalls have also played a major role in the

continuing mergers and acquisitions in theindustry.

Meaning of Merger and Acquisition

A merger may be regarded as the fusion or absorption of

one thing or right into another. A merger has beendefined as an arrangement whereby the assets, liabilitiesand businesses of two (or more) companies becomevested in, or under the control of one company (whichmay or may not be the original two companies), whichhas as its shareholders, all or substantially all theshareholders of the two companies

. In merger, one of the two existing companies mergesits identity into another existing company or one ormore existing companies may form a new company andmerge their identities into the new company bytransferring their business and undertakings includingall other assets and liabilities to the new company

(herein after known as the merged company). Theprocess of merger is also alternatively referred to asamalgamation. The amalgamating companies loosetheir identity and the shareholders of the amalgamatingcompanies become shareholders of the amalgamatedcompany.

The term amalgamation has not been defined in theCompanies Act, 1956. However, the Income-tax Act,1961 (Act) defines amalgamation as follows:

Amalgamation, in relation to companies, means themerger of one or more companies with anothercompany or the merger of two or more companies to

form one company (the company or companies whichso merge being referred to as the amalgamating

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company or companies and the company with whichthey merge or which is formed as a result of the merger,as the amalgamated company) in such a manner that

1. all the property of the amalgamating company orcompanies immediately before the amalgamationbecomes the property of the amalgamated company byvirtue of the amalgamation

2. all the liabilities of the amalgamating company orcompanies immediately before the amalgamationbecome the liabilities of the amalgamated company byvirtue of the amalgamation;

3. Shareholders holding not less than three-fourths invalue of the shares in the amalgamating company orcompanies become shareholders of the amalgamatedcompany by virtue of the amalgamation,

4.and not as a result of the acquisition of the property ofone company by another company pursuant to thepurchase of such property by the other company or as aresult of the distribution of such property to the othercompany after the winding up of the first-mentionedcompany

Takeover/Acquisition

Takeover is a strategy of acquiring control over the

management of another company either directly byacquiring shares carrying voting rights or byparticipating in the management. Where the shares ofthe company are closely held by a small number ofpersons a takeover may be effected by agreement withinthe shareholders. However, where the shares of acompany are widely held by the general public, relevant

regulatory aspects, including provisions of SEBI(Substantial Acquisition of Shares and Takeovers)Regulations 1997 need to be borne in minds.Takeoversmay be broadly classified as follows:

Friendly takeover:

It is a takeover effected with the consent of the takenover company. In this case there is an agreementbetween the managements of the two companiesthrough negotiations and the takeover bid may be withthe consent of majority shareholders of the targetcompany.

Hostile takeover:

When an acquirer company does not offer the targetcompany the proposal to acquire its undertaking butsilently and unilaterally pursues efforts to gain controlagainst the wishes of the existing management, suchacts are considered hostile on the management and thuscalled hostile takeovers. The recently consummatedArcelor Mittal deal is an example of hostile takeover,.

Here are the Top 10 Pharmaceutical Acquisition Deals of All time.

Acquirer Target Company Deal value

Pfizer (United States) Wyeth (United States) $68 billion in cash and stock

Roches Genentech (United States) $47 billion

Novartis (Switzerland) Alcon (United States) $39.3 billion

AstraZeneca(United Kingdom) MedImmune(United States) $15.2 billion

Abbott(IL, USA) Solvay Pharmaceuticals(Belgium) $6.2 billion

Johnson & Johnson (United States) Centocor Ortho Biotech, Inc(UnitedStates)

$4.9 billion in stock-for-stock exchange

Sanofi-aventis(Paris, France) Merck & Co.(United States) $4 billion

Abbott(United States) Piramal Healthcare(India) $3.72 billion for 4 years

GlaxoSmithKline(United Kingdom) Stiefel Labs(United States) $3.6 billion.

Warner Chilcott(United States) Procter & Gamble's(P&G)(UnitedStates)

$3.1 billion

Sources(Business -Beacon.Com)

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Indian Pharmaceutical Industry

The Indian Pharmaceutical Industry today is in the front rank

of Indias science-based industries with wide rangingcapabilities in the complex field of drug manufacture andtechnology. It ranks very high in the third world, in terms oftechnology, quality and range of medicines manufactured. Fromsimple headache pills to sophisticated antibiotics and complexcardiac compounds, almost every type of medicine is now madeindigenously.

Playing a key role in promoting and sustaining development inthe vital field of medicines, Indian Pharma Industry boasts ofquality producers and many units approved by regulatoryauthorities in USA and UK. International companies associatedwith this sector have stimulated, assisted and spearheaded thisdynamic development in the past 53 years and helped to put

India on the pharmaceutical map of the world.

India's pharmaceutical sector is currently undergoingunprecedented change. Much of thisis due to the country's introduction, on January 1, 2005, of asystem of product patents;before that, only patents for processes were permitted to beissued, a fact that has beeninstrumental in the domestic industry's huge success as aworldwide exporter of highqualitygeneric drugs.

The new patent regime has also led to the return of thepharmaceutical multinationals,many of which had left India during the 1970s. Now they areback, and looking at India notonly for its traditional strengths in contract manufacturing butalso as a highly attractivelocation for research and development (R&D), particularly inthe conduct of clinical trialsand other services.

Growth Scenario in 2010

India's pharmaceutical industry is now the third largest in theworld in terms of volume. Its rank is 14th in terms of value.Between September 2008 and September 2009, the totalturnover of India's pharmaceuticals industry was US$ 21.04billion. The domestic market was worth US$ 12.26 billion. This

was reported by the Department of Pharmaceuticals, Ministry ofChemicals and Fertilizers. As per a report by IMS Health India,the Indian pharmaceutical market reached US$ 10.04 billion insize in July 2010. A highly organized sector, the Indian PharmaIndustry is estimated to be worth $ 4.5 billion, growing at about8 to 9 percent annually. Know more out this in our article onIndian Pharmaceutical Industry- Future Trends Also check outPharmaceutical Market Trends 2010

Leading Pharmaceutical Companies

In the domestic market, Cipla retained its leadership positionwith 5.27 per cent share. Ranbaxy followed next. The highestgrowth was for Mankind Pharma (37.2%). Other leading

companies in the Indian pharma market in 2010 are: Sun Pharma (25.7%)

Abbott (25%) Zydus Cadila (24.1%) Alkem Laboratories (23.3%) Pfizer (23.6 %) GSK India (19%) Piramal Healthcare (18.6 %)

Lupin (18.8 %)

Merger and Acquisition Strategy

Before any strategy is formulated, a company needs have aclear-cut policy regarding merger and acquisition.This policymust be complimentary to its vision and mission.Once a policydecision to expand business through merger and acquisition hasbeen taken, the first step is to establish a Merger andAcquisition Cell.

The roll of the cell would be to identify the potentialcompanies, which would depend on macro level issuesdiscussed above and the broad guidelines laid down by thecompany for such a move i.e. to diversify the business or

expand the existing business or for upgrading the technology.

This cell should be assisted by business analyst, representativeof financial institution/investment bankers, technical experts,valuators and lawyers specializing in this field. For fasterdecision making, which is vital in such cases, the cell must havedirect axis to the business leader/decision makingauthority.Sophisticated software that can handle financialanalysis, projections, valuation, and so on is available in themarket and help of these can be taken.

Once the targeted company has been identified, option offinalizing deal through negotiation must beconsidered.However, if it is not feasible due to any reason andtakeover is vital for the organization, a hostile takeover should

be considered.For hostile takeover, the stock of targetedcompany should be bought quietly through third party. Thewhole process must be managed confidentially.

Creating Global Organization Through Merger and

Consolidation

It is inherent desire and need for every business to grow bothvertically and horizontally.Development within is slow and attimes difficult. Best way to have fast growth is to adopt a courseof takeover and merger. This gives an organization an instantgrowth. Considering its advantages the Indian companies seem

to be in a great hurry to achieve rapid growth through merger &acquisition. However all takeovers do not meet the requiredexpectations. Sahara-Jet Airways is a living example of thesame. Such a failure only leads to confusion and pain tomanagement and to its employees. Reasons for such failure aredue to poor homework for acquisition and at times thenegotiators are excited and wish to conclude the deal in a hurry.Although, no two acquisitions or mergers are same. Eachsituation is unique and presents its own set of problems andpotential solutions. Hence every deal requires individualapproach. However, there are some macro level aspects, whichmust be kept in mind while considering a targeting company foracquisition or merger. These are economical environment,Geopolitical environment, impact of terrorism on that region,economical health of the company, availability of resources atappropriate cost including manpower etc. These are discussedas under:

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Mergers and Acquisitions in Indian Pharmaceutical Sector

The sheer number of companies acquiring parts of othercompanies has shown that the Indian pharmaceutical industry isready to be a dominant force in this scenario. In the recent timesNicholas Piramal has taken the ownership of 17% ofBiosyntech that is a major pharmaceutical packing organizationin Canada.

Torrent has got the ownership of Heumann Pharma, a generaldrug making company and, formerly, a subsidiary of Pfizer.Matrix has acquired Docpharma, a major pharmaceuticalcompany of Belgium. Sun Pharmaceutical Industries is set tomake acquisitions in pharmaceutical companies in the US andhas set aside $450 million to execute these plans. In Bengaluru,Strides Arcolab has aimed at acquiring 70 percent in apharmaceutical facility in Italy that is worth $10 million.

The sheer number of companies acquiring parts of othercompanies has shown that the Indian pharmaceutical industry isready to be a dominant force in this scenario. In the recent timesNicholas Piramal has taken the ownership of 17% ofBiosyntech that is a major pharmaceutical packing organizationin Canada.

Torrent has got the ownership of Heumann Pharma, a generaldrug making company and, formerly, a subsidiary of Pfizer.Matrix has acquired Docpharma, a major pharmaceuticalcompany of Belgium. Sun Pharmaceutical Industries is set tomake acquisitions in pharmaceutical companies in the US andhas set aside $450 million to execute these plans. In Bengaluru,Strides Arcolab has aimed at acquiring 70 percent in apharmaceutical facility in Italy that is worth $10 million.

Mergers and Acquisitions in Global Pharmaceutical Sector

Since the year 2004 there has been an increase in the mergersand acquisitions in the global pharmaceutical sector. This wasreflective of the increase in the mergers and acquisitions inother industries at the same period. There was 20% increase inthe number of deals, which stood at 1,808. There were eightdeals with the value of more than $1 billion. This was threemore than 2003.

The total financial value of the deals was $112 billion and thiswas an increase of 53%. However, these figures do not includethe acquisition of Aventis by Sanofi-Synthelabo that was worth

$60 billion. This is the biggest acquisition in the pharmaceuticalindustry after the merger of Pharmacia and Pfizer in 2002.

Opportunities for Pharmaceutical Companies

There are a number of opportunities for the majorpharmaceutical products and services providers in the Indianpharmaceutical sector as the price controls have been relaxedand there have been significant changes in the medicinalrequirements of the Indians. The manufacturing base in India isalso strong enough to support the major internationalpharmaceutical companies from the performance perspective.

This may be said as the Indian pharmaceutical market is varied

as well as economical. It is expected that in the coming yearsthe Indian pharmaceutical companies would be executing moremergers and acquisitions. It is expected that the regulated

pharmaceutical markets in the United States and Europe wouldbe the main areas of operation.

In the recent years the Indian pharmaceutical companies havebeen venturing into mergers and acquisitions so that they cangain access to the big names of the international pharmaceuticalscenario.

Patterns of Mergers and Acquisitions in Pharmaceutical

Sector

One of the major features of the mergers and acquisitions in thepharmaceutical sector of the Asia-Pacific region has been theintegration of the local pharmaceutical companies. This hashappened especially in India and China. Acquisition has made itconvenient for a number of companies to do business in variouspharmaceutical markets.

Previously the pharmaceutical markets of Europe were closedto the companies of other countries due to the difference inlanguage. There were also other problems for companies likethe trade barriers for instance.

Figures of Mergers and Acquisitions in Pharmaceutical

Sector

As per the figures of mergers and acquisitions inpharmaceutical sector, from the year 2004, there have beenmore mergers and acquisitions in the pharmaceutical sector inthe Asia-Pacific region compared to North America. Thecombined financial value of the mergers and acquisitions inAsia-Pacific region has been greater than North America.

One of the major merger and acquisition deals in the Asia-Pacific region in the recent years has been the merger ofFujisawa and Yamanouchi in Japan. This deal was worth $7.9

billion. In the same period the Asia-Pacific region hasexperienced the highest percentage of growth in the mergersand acquisitions in pharmaceutical sector.

In the same period the rate of growth in the Asia-Pacific regionhas been 37%. In Western Europe the rate of growth has been11% and in North America it has been 20%. The pharmaceuticalmarket in Eastern Europe has not experienced any increase inthe rate of mergers and acquisitions.

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Trends of Merger and Acquisition Deals in Pharmaceutical Industry in India

Table No :1 Showing Number of Merger and Acquisition Deals in India

Year No of Deals*

2002 83

2003 51

2004 86

2005 65

2006 82

2007 103

2008 93

2009 44

2010 48

2011 78 (upto month of October)

Source of Data (CMIE Prowass)

Counts includes only the deals of companies which are listed on BSE Health Care Index

Analysis & Interpretation

In 2007 the merger and acquisition deals in pharmaceutical industry has touched the highest number of 103 deals.At that time thesensex was on the highest the Indian economy was performing well and due to FDI investment and our strong fundamentals the indianindustry has become the best investment hub for the world.Due to new money fused in the market the industries want to expand ,thisbecome a reson for the highest deals in the year 2007.The year 2009 and 2010 were the corrective years for the Indian economy.Thishas slow down the number of merger and acquistion deals in the pharmaceutical industry.This shows the relationship between theMerger and acquisition phenomena and performance of markets as at the end market reflects the financial health of the companies.

MERGER AND ACQUISITION MOTIVESThere have been many debates about whether the goal ofmaximizing shareholder wealth intervenes with the aim ofdeveloping new medicines. One thought is whether the

acquisitions are made to expand and develop their business andimprove research or to maximize shareholder wealth. Someinvestigations imply that large mergers or acquisitions in the

past have not resulted in any or few new drugs, since aconsolidation may disrupt ongoing research, and only resultedin reducing costs (Chemical & Engineering news,2002).

Another factor is that Pharmaceutical company has limitedprofit due to restriction in product pricing , so they have tothink for other strategies .At present the Merger and

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acquisitions are used as strategic tool for success. As the wholeworld is moving towards globalization and liberalization isspreading its wings then in future after 10 or 15 years mergerand acquisition will become a tool to survive.

Pharmaceutical Industry are currently the most aggressiveoverseas investors of all Indian industries. They are pursuing

foreign acquisitions due to their need to:

Improve global competitivenessAll the economies above created through a combination andexploitation of common resources can also be called structuraleconomies (Shepherd, 1985). By reorganization we mean adynamic process reappraising, or even destroying the laststructure for a new one. The organized sector of India'spharmaceutical industry consists of 250 to 300companies,which account for 70 percent of products on themarket, with the top 10 firms representing 30 percent. However,the total sector is estimated at nearly 20,000 businesses, someof which are extremely small. Approximately 75 percent of

India's demand for medicines ismet by localmanufacturing.Global competitiveness has increased.To surviveon the world platform the pharmaceutical companies are usingmerger and acquisition as a strategic tool.

Move up the value chainThe strategic decision of acquiring a firm is thus based on thestrong will to create value. Facing such a matter, company'smanagers and board members need to understand the distinctconcept of the value when judging a proposed acquisition.Mergers Acquisitions are motivated generally by two kinds ofincomes : the cost savings (or economy of cost) and theincreased revenues

Create and enter new marketsBoth multinational companies (MNCs) and domestic playersare also examining theprospects offered by the local market as the government movesforward with initiativesaimed at providing India's more than one billion inhabitants, forthe first time, with access to the life-saving drugs they need. Afurther huge boost to the local market is coming fromthe rise ofIndia's new affluent consumers, who lead more Western-stylelives and are demanding innovative drugs to treat the chronicillnesses that these changing lifestyles may produce. India'sleading drug manufacturers are becoming global players,utilizing both organic growth, through the gradual development

of their business, and mergers and acquisitions

Increase their product offeringAs already explained, the R&D function is extremely expensiveand the company's size will determine the possible amount ofinvestment. Likewise the marketing, R&D is a supportingfunction, but is able to create a long term competitiveadvantage. The merging of R&D will concerns particularly themeans at disposal and the resources in term of competencies.Thus they can increase their product offering by utilising thevarious synergies.

Consolidate their market sharesThe market share growth results on the transfer of the market

share from the target to the bidder The market share of a firmcorresponds to the proportion of production volume or theturnover the firm possess in a given sector of a global market inrelation to the rest of competitive companies concerned. Thegrowth concept is relative to a quantitative increase of itsturnover or its production. If the company growth is higher thanthe competitors one, the growth concept means that the

company has a market share growth, but if all the competitorsincrease their turnover, there is not an increase of the marketshare. Thus, an entity expands its market share when theirturnover volume (sales) increases compared to its competitors

Compensate for continued sluggishness in theirhome market.

India currently represents just U.S. $6 billion of the $550billion global pharmaceuticalindustry but its share is increasingat 10 percent a year, compared to 7 percent annualgrowth forthe world market overall.1 Also, while the Indian sectorrepresents just 8 percentof the global industry total by volume,putting it in fourth place worldwide, it accounts for13 percent

by value,2 and its drug exports have been growing 30 percentannually.3The organized sector of India's pharmaceuticalindustry consists of 250 to 300 companies,which account for 70percent of products on the market, with the top 10 firmsrepresenting30 percent. However, the total sector is estimated atnearly 20,000 businesses, some ofwhich are extremely small.Approximately 75 percent of India's demand for medicines ismet by local manufacturing.

Obtaining a Good BuyWhile acquiring firm "obtaining a good buy" as a reason fortheir acquisitions, theunderlying implication that markets may consistentlyundervalue corporate assets, is questionable.If all potentialacquirers have similar perceptions about the value of potentialtargets and the market for corporate control is competitive, thenthe potential acquirers would bid up the price of targets whichappeared to be bargains until the acquiring firms would, at themargin, expect to receive only

To Improve the EfficienciesFirms may combine their operations through mergers andacquisitions of corporate assets toreduce production costs, increase output, improve productquality, obtain new technologies, or provide entirely newproducts. The potential efficiency benefits from mergers andacquisitions include both operating and managerial efficiencies

Financial and Tax BenefitsThe pharmaceutical companies as limited profit margins due toits governing legal framework .Mergers and acquisitions maylead to financial efficiencies. firms may diversifytheir earnings by acquiring other firms or their assets withdissimilar earnings streams. Earning diversification within firmsmay lessen the variation in their profitability, reducing the riskofbankruptcy and its attendant costs.A lot of tax benifits areavailable and companies are taking the advantage of that..

Reasons for failure of merger and Acquisition

It is very difficult to estimate how many mergers and

acquisitions in the pharmaceutical industry havesucceeded. It is even more difficult to define what

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success means. Some estimate, however, that close to80 percent of mergers do not meet their pre-mergerfinancial goals and that almost 50 percent are failures.The common measure of stock market reactions oneday or even few months after the merger isundoubtedly inadequate.

In lot of merger and acquisitions the shareholders valueare created for the short term only but the moreimportant is that positive synergy should be retained forthe long term. On the anlaysis of available literaturespite of theories that the stock market, in evaluating andvaluing a merger, takes into account all the managerialand human factors, they clearly do not reflect thehuman and cultural costs of mergers particularly inlight of the fact that the managers and leaders involvedin a merger often voice their inability to predict its exactoutcome.

The paradox of Manager vs. Shareholder

The strategic investments of the firm should aim tocreate value for the owners of the firms, especially theshareholders . Nevertheless, most of the acquisitions inlast decades seem to generate poor performanceconcerning the acquiring firms, and even when theresults appear to be positive, they are lower for bidders'shareholder than targets' one and the value which isgenerated in the process retain for the very short periodof time. Different studies therefore prove that theacquisition strategies would benefit the targets'shareholders by creating them value .But this doesnthold true in every scenerio.There is hence amisunderstanding of the stake of the acquisition gamefrom both sides. Such a discrepancy can only lead tobad acquisition strategy and planning. This gives a clashbetween the management of the company and theshareholders of the company

No planned integration costThe peculiarities of external horizontal growth arebased on the combination of two entities, and especiallyof tangible, financial and above all human resources.The bidding company and the target, whatever are theiractivities, are composed of men and women livingwithin the firms community. The rules, the behaviours,the customs, it means the culture is specific to each

entity. The cultures of both entities may be mixed, andtheir combination may result in efficient synergies, butthey can also be incompatible and lead to failure. Thereis also lot of reorganization & restructuring in thecompany during the days when M&A process is goingon .The process of M&A by which company is boughtor sold can prove difficult, slow and expensive

The problem of social compatibilityThe risk of demotivating is very high in case of horizontalmergers. In fact, in such a type of acquisition, there arenumerous duplications, which lead to mergers of severalbusiness units, therefore to large employees cutbacks. Such anassumption is even more verified when the bidder and the targetused to be direct competitors. Such a situation entails an anxiety

feeling linked to asymmetric advantages, autonomy loss, anddifferent cultures.

Non integeration of human resourceThe main reason for failure of merger is non-integration

of human resources of both the transferor andtransferee company.

Difference in working cultureIt is also not successful because the merger of twoorganizations is actually a merger of individual andgroups working in company which had a great impacton individuals working in a company such as it createsego clashes among individuals working in a company.

Miscommunciation regarding strategiesThere is also failure of M&A when purchasers plans &strategies are not clear to the employees of the acquiredfirm.Merger & Acquisition helps a Company to grow ina better way but it has a great impact on the employeesworking in a company & on working conditions. Theemployees of the companies merging and acquiring aremostly affected by M&A. Due to this reason, there ismostly failure of M&A. . When 2 companies who havedifferent style of functioning merge, there is a clashbetween the companies which pulls them together intodifferent direction apart from their aims. Companyenters into M& A activity without recognizing theimpact on the organization and the overall affect on thehuman element within the two merging company. WhenM&A activity do not meet corporate objectives it resultsin lost revenue, custumor dissatisfaction. Manypersonnel issues such as salaries, benefits, pension ofemployees are also affected due to M&A. Since theorganizational structures are different, differences incompensation packages and designation can take placenormally.

Bibliography

1. (Lt. Col) Rattan Raina Paper Tittle "IndiasGlobal Competitiveness Through Mergers andAcquisitions: Trends and Strategies"

2. Marc & Dirk research paperTittle"Determinants of M&A Success in thePharmaceutical and Biotechnologicalindustry" Vol VIII March 2011

3. Anand Manoj & Singh Jagandeep,Impact of MergerAnnouncement on shareholders wealth,Vikalpa 2008.The Journal for Decision makers

4. Kishore Ravi Book Title: Financial Management,7thedition ,Chapter Mergers and acquistions.

Webliography

1.www.Business Beacon .com (Internet websites)

2.www.Indian Economy watch.com