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Business Briefs

Pfizer buy

New York, Oct. 12: Pfizer Inc will acquire King Pharmaceuticals in an all-cash deal worth $3.6 billion. The move will bolster the pharma major’s presence in the pain treatment segment. Both companies have entered into a definitive pact for the transaction, which has been approved by their respective boards. The transaction, which is subject to various regulatory approvals, is expected to close in the fourth quarter of 2010 or the first quarter of 2011.

GST meet

New Delhi, Oct. 12: State finance ministers will meet in Goa for two days from October 29-30 to firm up their views on the Centre’s revised draft for implementation of the goods and services tax (GST). “We discussed the points on the basis of which convergence can be achieved,” the chairman of state finance ministers’ panel on GST, Asim Dasgupta, said.

AI equity

Mumbai, Oct. 12: Air India is likely to receive the government approval for a Rs 1,200-crore equity infusion by month-end, civil aviation minister Praful Patel said today. “I think by the end of October, we will be getting the clearance for the second tranche of Rs 1,200 crore,” he said.

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