Drug firm Merck Ltd on May 7 said it has been renamed as Procter & Gamble Health Ltd following P&G’s global acquisition of the consumer health business of Merck KGaA, Germany.
“The company has received approval from the Registrar of Companies, Mumbai, Maharashtra, for change of name from Merck Ltd to Procter & Gamble Health Ltd effective May 6, 2019,” Merck said in a filing to the BSE.
The company is taking necessary steps to comply with the formalities and documentation, as may be required by the stock exchanges to record the said change in its records, it added.
Procter & Gamble Health Ltd Managing Director Milind Thatte said, “Our new name reflects our new identity as part of the P&G Group and signifies the coming together of strong consumer health capabilities and cultures”.
Together, “we are working towards leveraging our combined expertise to develop categories and brands that meet today’s needs and tomorrow’s opportunities,” he added.
The decision to change the name of the listed entity in India follows the successful completion of P&G’s global acquisition of the consumer health business of Merck KGaA, Darmstadt, Germany, the filing said.
The consumer health business was transferred to P&G on December 1, 2018, it added.
“I am delighted to announce the new name of our listed entity which will now be known as Procter & Gamble Health Ltd,” Procter & Gamble Global Personal Health Care President Tom Finn said.
With India’s over-the-counter (OTC) market growing at double the global growth rate, “this is a exciting phase for all of us, as we now move forward to realise the great potential of our two health-related P&G businesses in India”, he added.
Procter & Gamble Health Ltd will be a part of P&G’s Personal Health Care International Business Unit led by Uta Kemmerich-Keil (vice-president, Personal Health Care International), the company said.
Shares of Merck Ltd were trading at Rs 3,689.20 per scrip on the BSE, up 2.08 percent from its previous close.
[“source=moneycontrol”]