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News Round UP: Bank of India in Talks with Credit Agricole, BBVA

08 January, 2009

Bank of India in Talks with Credit Agricole, BBVA for Setting up AMC – Bank of India, the public sector bank is in talks with Credit Agricole, a French bank, and the Spanish financial services group, BBVA, for setting up an asset management company (AMC). Bank of India will consequently foray into the mutual funds business. According to the sources the bank will finalise a partner within next two to three weeks. (Business Standard)

CavinKare Looks at Acquisitions to Enter Dairy Products Business – CavinKare Pvt., the  Chennai-based consumer care goods company plans ot neter the dairy business by acquiring 50-60 small and medium sizes dairies across the country. CavinKare will innitilly acquire the dairies in the four southern states. The firm has bought its first dairy in Kanchipuram for Rs 30 crore. the company plans to spend around Rs1,500 crore and Rs2,000 crore over the next four-five years on the acqusition of dairies. CavinKare aims to double its turnover to Rs1,500 crore by 2010, with its dairy business contributing around Rs300-400 crore. (LiveMint.com)

Taro Demands 58% Premium for Merger with Sun Pharma – Israeli drug major Taro Pharmaceutical has demanded a 58% premium, or $15 per share, in cash to effect a merger with Sun Pharmaceutical Industries. Sun Pharma, however, rejected the offer saying that it was beyond the worth of taro. Taro did not disclose audited results for three years and restated accounts. (Business Standard)

M&M JV Proposal with BAE System Cleared by FIPB – Mahindra and Mahindra proposal for setting up a joint venture company with BAE Systems has been approved by the Foreign Investment Promotion Board (FIPB). The joint venture will develop, manufacture and provide through life service support for land systems defence equipment, the proposal was among the 34 proposals involving foreign direct investment of about Rs 1,614.90 crore in various fields which were approved by the FIPB. While Mahindra and Mahindra will hold a 74% stake in the new joint venture, the remaining 26 % stake will be held by BAE Systems. The manufacturing facility will be located in Faridabad and will initially employ around 50-60 people. (Business Line)

Bank of America Sells $2.8 Billion Shares of China Construction Bank – Bank of America Corp has sold $2.8 billion of China Construction Bank Corp shares to replenish capital. China Construction faced the biggest drop in two years as it fell 8.8%. Bank of America sold 5.62 billion shares in China Construction at HK$3.92 a piece, a 12 per cent discount to Tuesday’s closing price. Bank of America invested $3 billion in the Chinese lender in 2005 and in November, Bank of America paid $7 billion to almost double its holding to 19.1 per cent. (Business Standard)

Dow to Further Delay the Rohm & Haas Takeover – Dow Chemical Co is expected to miss next week’s deadline to close the $15 billion takeover of Rohm & Haas as the firm is trying to raise enough cash to complete the deal. Dow is making efforts to raise the cash without taking on too much debt. Dow also plans to take legal action against Petrochemical Industries Co. of Kuwait for backing out of a joint venture. Dow had planed to use the proceeds from the JV to repay large part of the debt financing for the Rohm & Haas acquisition. Dow is now looking for new partners for the proposed JV and has already been approached by two companies which are interested in its basic plastics business. ()

Kingfisher Saves Crores by Changing Accounting Principles – Kingfisher Airlines, was able to save Rs 744.23 crore for the six-month period ended September 30, 2008, and Rs 129.50 crore for the quarter ended 30 September 2008 through a change in its accounting principles. The changes included amortisation of training costs over a period of three years as well as treating aircraft lease subsidy provided to the company by one of its suppliers as other income. (Business Standard)

Gujarat to Draw Rs 65,000-70,000 Crore Investment in SEZ – Gujarat is expected to draw fresh investments of around Rs 65,000-70,000 crore from special economic zone (SEZ) projects. The amount will be pumped in by about 16-17 players. The new investments will take the total number of SEZs in Gujarat about to about 72-73 from the current 60. While, the Siyaram Poddar group plans to set up tyre and auto ancillary SEZ in Kutch for an investment of around Rs 5,000 crore, the Kalpataru group plans to set up a multi-product SEZ near Ahmedabad by investing Rs 7,000-8,000 crore. Akshaypatra group will food and agri SEZ with an investment of about Rs 500-700 crore. (Business Standard)

Allahabad Bank Will Recruit 2000 Additional Employees – Allahabad Bank, a leading public sector bank, has announced that it will recruit 2,000 employees in this calendar year. It would mean a 10 per cent addition to the present staff strength of 20,000. Of the new recruitments, 1,000 posts will be in the officer grade whereas the other 1,000 will be in the clerical cadre. Not only is the bank registering good growth in terms of business development but, it is also expanding its operation into new areas.  The recruitment will support the bank’s growth objectives. (Business Standard)

 

 

 

 


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News Round UP: Bank of India in Talks with Credit Agricole, BBVA

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