Hindalco Industries today announced that the shareholders of Novelis approved the former’s proposal to purchase the latter.The shareholders’ approval followed a proposal of Hindalco to acquire the Atlanta-based aluminium downstream leader Novelis for an enterprise value of nearly $ 6 billion three months ago.
Around 99.8 per cent of Novelis shareholders cast votes in favour of the transaction. Under the Canadian laws, the proposed acquisition required support from at least 66. 44 per cent of the shareholders.
The terms of agreement signed between Novelis and Hindalco envisaged that Hindalco will pay $ 44.93 a share, amounting to $3.5 billion (Rs 14,364 crore).Hindalco expects to complete the transaction, which now awaits the court approval, by May 15. The Birla group’s Canada-based special purpose vehicle, AV Metals, will infuse $3.5 billion to finance the deal.
Read more in The Business Standard article.
Showing posts with label Takeovers. Show all posts
Showing posts with label Takeovers. Show all posts
Saturday, May 12, 2007
Wednesday, May 9, 2007
Air Deccan rules out sale to beer billionaire, Vijay Mallya
Air Deccan, India’s largest low-fare carrier, on 8 May ruled out a sale to billionaire Vijay Mallya, saying a combination of the two airlines would make no cultural or business sense.Gopinath, who is known to his airline employees as Captain Gopi, said there was “absolutely” no chance of Air Deccan selling a stake to Kingfisher.
Still the bespectacled, low-key entrepreneur said he got along well with Mallya, a flaymboyant tycoon who has named his airline after the flagship beer brand of his UB Group.Mallya said on 7 May in New Delhi, at a press conference with Airbus Industries, that he was interested in buying Air Deccan but an acquisition was not imminent.
Air Deccan last week denied media reports that it was in talks with Kingfisher Airlines.
A deal would create an airline that would control 38% of India’s domestic aviation market, overtaking the 33% share of Jet Airways, which last month bought rival Air Sahara for Rs14.5 billion.
Read more in The Live Mint article.
Still the bespectacled, low-key entrepreneur said he got along well with Mallya, a flaymboyant tycoon who has named his airline after the flagship beer brand of his UB Group.Mallya said on 7 May in New Delhi, at a press conference with Airbus Industries, that he was interested in buying Air Deccan but an acquisition was not imminent.
Air Deccan last week denied media reports that it was in talks with Kingfisher Airlines.
A deal would create an airline that would control 38% of India’s domestic aviation market, overtaking the 33% share of Jet Airways, which last month bought rival Air Sahara for Rs14.5 billion.
Read more in The Live Mint article.
With mkts on song, I-bankers make hay
Investment bankers never had it so good. With an increase in overseas players making a mark in the country, bankers’ bonuses have gone through the roof. A host of factors like rise in volumes in the stock market, increase in mergers and acquisitions and the consequent increase in financing, and a talent shortage in the industry have fuelled such a sharp rise.
Bonuses this time have been in the range of 100% to 300% in most of the well-known investment banks. With volumes in the stock market increasing, brokerage houses have seen one of the sharpest rise in bonuses.
They have also seen some of the largest payouts. If sources are to be believed, head of a foreign brokerage house has received one of the largest bonus payouts of over $3 million. The research head of the firm is also said to have received a similar amount.
Of late, companies have become vary of giving out names due to the fear of extortion threats to their key employees. Incidentally, though there has been a rise in the number of people who got bonuses of over $1 million, the sharpest rise has been in the $0.5- $1 million slab. The number of bankers who received bonuses in this range is said to have more than doubled.
Read more in The Economic Times article.
Bonuses this time have been in the range of 100% to 300% in most of the well-known investment banks. With volumes in the stock market increasing, brokerage houses have seen one of the sharpest rise in bonuses.
They have also seen some of the largest payouts. If sources are to be believed, head of a foreign brokerage house has received one of the largest bonus payouts of over $3 million. The research head of the firm is also said to have received a similar amount.
Of late, companies have become vary of giving out names due to the fear of extortion threats to their key employees. Incidentally, though there has been a rise in the number of people who got bonuses of over $1 million, the sharpest rise has been in the $0.5- $1 million slab. The number of bankers who received bonuses in this range is said to have more than doubled.
Read more in The Economic Times article.
Saturday, May 5, 2007
Microsoft eyes Yahoo! buyout
Microsoft is in early stage talks with Yahoo! for a possible takeover, in a move that would allow the software giant to compete better with Google for online advertising, according to people familiar with the matter.
Microsoft is working with Goldman Sachs on a possible deal, the newspaper said, citing an unnamed banking source. Yahoo! is considered an obvious target for Microsoft, as a takeover would massively cut Google’s lead in internet search.
In India, Microsoft and Yahoo! have been collaborating in areas like instant messaging (IMs). Microsoft, with an estimated turnover of over Rs 3,000 crore and around 4,000 employees, recently gave its wholly-owned Indian subsidiary the status of an independent “strategic business hub”.
Read more in The Business Standard article.
Microsoft is working with Goldman Sachs on a possible deal, the newspaper said, citing an unnamed banking source. Yahoo! is considered an obvious target for Microsoft, as a takeover would massively cut Google’s lead in internet search.
In India, Microsoft and Yahoo! have been collaborating in areas like instant messaging (IMs). Microsoft, with an estimated turnover of over Rs 3,000 crore and around 4,000 employees, recently gave its wholly-owned Indian subsidiary the status of an independent “strategic business hub”.
Read more in The Business Standard article.
Tuesday, March 13, 2007
Mahindra offers to up stake in PTL by 20%
India's top tractor and utility vehicle maker Mahindra & Mahindra on Monday made a Rs 4.9 billion ($110 million) open offer for a further 20% in Punjab Tractors and its subsidiaries, as required by law after it won the bidding for a 43.3% stake.
Mahindra, India's top tractor and utility vehicle maker, and subsidiary Mahindra Holdings & Finance Ltd are buying stakes held by private equity firm Actis and India's Burman family in a deal that values Punjab at approximately Rs 22 billion.
Read more in The Times of India article.
Mahindra, India's top tractor and utility vehicle maker, and subsidiary Mahindra Holdings & Finance Ltd are buying stakes held by private equity firm Actis and India's Burman family in a deal that values Punjab at approximately Rs 22 billion.
Read more in The Times of India article.
Thursday, March 8, 2007
Corus shareholders okay Tata Steel takeover
Shareholders of Corus Group have agreed to Tata Steel's $12 billion takeover of the Anglo-Dutch steelmaker, sealing the largest foreign acquisition by an Indian company.
Investors representing 97% of the shares backed the purchase today, Corus said following an extraordinary general meeting in London. The acquisition is scheduled to take effect April 2. Corus shares will stop trading on exchanges on March 29.
Investors representing 97% of the shares backed the purchase today, Corus said following an extraordinary general meeting in London. The acquisition is scheduled to take effect April 2. Corus shares will stop trading on exchanges on March 29.
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