In developing economies, in contrast, the increase in cross-border manufacturing M&As was
driven by large acquisitions in a limited number of industries, such as furniture, food and
beverages, and non-metallic mineral products (figure I.14.b). At the same time, large-scale
divestments were recorded in pharmaceuticals and in machinery and equipment. A major
divestment in pharmaceuticals involved Daiichi Sankyo (Japan) selling its stake in for example,
Ranbaxy Laboratories (India) to Sun Pharmaceutical Industries (India) for $3 billion