Multiplex company PVR has called an extraordinary general meeting to issue shares on a preferential basis to DT Cinemas, a subsidiary of real estate major DLF. It is separately seeking approval for issuing shares to Major Cineplex Group Public Company, a Thailand-based multiplex operator.
M&A
Recent Posts
Infosys acquires McCamish; gives a boost to BPO biz
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Infosys Technologies is acquiring an America business process outsourcing (BPO) company, McCamish Systems LLC. Infosys will pay $38mn with an additional earn-out of $20mn to acquire the company, which had a turnover of $38.2mn in calendar 2008. The additional consideration will be paid depending on the company achieving certain financial targets. Continue Reading →
Filed under: Companies, Top News, BPO, Infosys, M&A
Grasim-Ultratech cement businesses to be consolidated
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Grasim Industries, the Aditya Birla group flagship, announced the restructuring of its cement business. The company’s board met today to consider a restructuring proposal, which has been widely reported in the media as pertaining to consolidation of its cement business.
Filed under: Cement, Companies, Top News, Aditya Birla, demerger, Grasim Industries, M&A, Ultratech Cement
What could have saved the Bharti Airtel-MTN deal?
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Bharti Airtel and MTN were unable to convince the South African government to accept their cross-border merger proposal. The government did not object to the merger per se but to the structure, which was outside the current regulatory environment. The two companies had proposed a structure, which ostensibly involved MTN taking up a stake in Bharti by subscribing to ADRs/GDRs. Bharti would in turn take up a stake in MTN, which was a direct transaction.
Filed under: Companies, News Analysis, Telecom, Bharti Airtel, Companies International, Cross Border, M&A, MTN
Sebi tightens open offer exemption rules
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The Sebi board met today and took decisions on some key changes to the takeover regulations. The notifications about the changes will be made in due course.
Filed under: Economy+Policy, Top News, M&A, Markets Stock Markets, Regulatory, Takeover
Bharti Airtel and MTN can’t seem to decide
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Bharti Airtel and MTN have still not managed to get their merger act together and don’t expect to do so any time soon. They have 10 days to go for the August 31 deadline for exclusive talks to end. But Bharti Airtel today announced an extension of talks till September 30. It is unlikely that the two sides are not able to agree on the price, by now they would have called off the talks if price was a sore point
Filed under: Companies, Quick News, Telecom, Bharti Airtel, M&A, MTN
DIL sells drug discovery and development services subsidiary to Evotec AG
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DIL is selling a 70% stake in its contract research subsidiary to a European company Evotec AG, headquartered in Germany. DIL was earlier known as Duphar Interfran and it changed its name after its pharmaceutical business was hived off to Solvay. Of its consolidated turnover of Rs 70 crore in 2008-09, bulk drugs/chemicals contributed to over half, while research and development contributed to about a third at Rs 22 crore.
Filed under: Companies, Quick News, DIL, Evotec, M&A, Pharmaceutical, R&D
Cross border mergers, coming soon in India
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Bharti Airtel and MTN have extended their negotiations for a cross-border M&A transaction, a first in India’s telecom industry. Even as the two sides thrash out terms, the Indian government is considering making two-way cross-border mergers and amalgamations a reality.
Filed under: Economy+Policy, News Analysis, Companies Act, Companies Bill 2009, Cross Border, M&A, Policy Corporate Law
Bharti Airtel and MTN extend talks, structure to change?
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The celebrations will have to wait longer for what has been touted as a major south-south corporate alliance. Bharti Airtel and
Filed under: Companies, Top News, Bharti Airtel, M&A, MTN
Wockhardt sells Farex and Protinex to Abbott for $130mn
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Debt-laden pharmaceutical company Wockhardt continued its asset selling spree, handing over its nutritional foods business to Abbott. The US pharmaceutical company will pay $130mn or Rs 627 crore, for the business which will be distributed between Wockhardt, Carol Info Services, some subsidiaries of Wockhardt and associate companies. Continue Reading →