Opal Bidco SAS, together with Clayton, Dubilier & Rice Fund XII, L.P. (PAC), has announced an open offer to acquire up to 59.88 lakh equity shares — representing 26% of the voting share capital — of Sanofi Consumer Healthcare India Ltd, at a price of ₹4,982.05 per share. The offer, made in accordance with the SEBI (SAST) Regulations, is part of a larger transaction involving a change in control at the global level.
According to the letter of offer dated April 12, 2025, the acquisition is being made in cash, aggregating to a total consideration of ₹2,983.23 crore, assuming full acceptance. The tendering period will commence on April 25, 2025, and close on May 9, 2025, with the final payment date scheduled for May 26, 2025.
The open offer follows the agreement signed between Sanofi and the CD&R Group on October 21, 2024, for the sale of the entire share capital of Opella Healthcare SAS, which indirectly controls 60.40% of the voting rights in Sanofi Consumer Healthcare India. Upon completion, CD&R will indirectly hold 50% of Opal Bidco SAS, with the remaining 48% held by the Sanofi Group and ~2% by French public investment bank Bpifrance.
The deal has already received all required statutory and regulatory approvals, including those from Indian and international competition and foreign investment authorities. Citigroup Global Markets India is the manager to the open offer, while MUFG Intime India is the registrar.
As stated in the Letter of Offer, the transaction aims to establish a standalone global leader in consumer healthcare headquartered in France. No competing offers have been received as of the announcement date, and the acquirers have confirmed they currently hold no shares in Sanofi Consumer Healthcare India.
Disclaimer: The above is a summary of an official disclosure document. Please consult your financial advisor before taking any investment decisions.
