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Indian units of Pfizer and Wyeth to merge

Pfizer Ltd, the Indian unit of U.S. drug maker Pfizer Inc, is to take over local affiliate Wyeth Ltd, they said on Saturday after their boards approved the deal.

Shareholders of Wyeth will get seven Pfizer Ltd shares for every 10 shares held, requiring the issue of approximately 15.9 million new Wyeth shares, it said.