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News Round Up: Sun Raises Offer By 23% to Buy Residual Stake in Taro

06 January, 2009

Sun Raises Offer By 23% to Buy Residual Stake in Taro – Sun Pharmaceuticals raised its offer by 23 per cent to buy the residual stake of Taro Pharmaceutical Industries in a bid to gain a controlling stake in it. Sun Pharma owns 36 per cent of Taro, which is an Israeli drug manufacturer, listed in the New York Stock Exchange. This offer comes post the Israeli Supreme Court’s directions, on December 8, to settle the matter out of court within 30 days. Taro is yet to respond to the offer. (Business Standard)

Kamat Hotels Hike Stake in BW Highway Hotels – Mumbai-based Kamat Hotels has bought 9 per cent stake of its partner BSEL Infrastructure Realty in BW Highway Star for an undisclosed amount. Kamat’s stake has now gone up to 26 %. BW Highway Star is a joint venture that operates two hotels Orchid and VITS in Pune. While Unity Infraprojects holds 25 % and Clear Water Capital Partners hold 49 % in the JV Company, the remaining stake is with Kamat Hotels. (Business Standard)

KPCL and BHEL to Form a JV – The Karnataka Power Corporation Limited (KPCL) and Bharat Heavy Electricals Limited (BHEL) will form a joint venture company to take up power generation in Karnataka. BHEL and KPCL will partner with financial institutions to float the JV. Under the partnership, while the KPCL-BHEL combine will own 52 % (26:26) stake in the JV, the remaining stake will be held by the financial institutions. The JV Company will take up two power projects in Raichur district for producing 660 Mw in Edlapur and two units of 660 Mw each in Yeramarus. (Business Standard)

Lemon Tree Plans Equity and Debt Funding for Expansion – New Delhi-based Lemon Tree Hotels will invest Rs 1,100-1,200 crore by 2011 to set up a chain of new hotels across India. The company plans to have 20 hotels aggregating 2,500 rooms by 2011 and aims to operate in 15 Indian cities. The projects will be funded through equity as well as bank debt. The company had received private equity fund worth Rs 300 crore in 2006 and Rs 120 crore in April 2008. (Business Standard)

Tech Mahindra Offers Satyam Cashless Merger – Reports suggest that Tech Mahindra, a Mahindra & Mahindra group company, has approached Satyam Computer Services for a cashless merger. The transaction, it goes through will result in the creation of the third-largest IT company in the country. (The Economic Times)

NRI Rajive Ranjan takes over German Store Chain – A small NRI-owned textile importing company has taken over the financially troubled German clothing chain store, Wehmeyer, which is a household name for Germany’s lower and middle class consumers. The textile importing company is owned by Rajive Ranjan, Techno Lifestyle GmbH’s managing director.  He had recently signed a deal for taking over 28 of its stores in the states of North Rhine Westphalia, Rhineland Palatinate and Lower Saxony. (DNA Money)

Takata Corporation Forms JV with Anand Automotive Systems – Japanese firm, Takata Corporation has entered into a joint venture with Delhi-based auto component manufacturer Anand Automotive Systems. The JV has been formed for the manufacture and sales of automobile safety systems such as airbags, seatbelts and steering wheels in India. Takata Corporation will hold a majority stake in the JV, which will be named Takata India Pvt. Ltd. The company plans to build two manufacturing plants, in Chennai and in Neemrana. (The Economic Times)

SCCL in Talks with Hindustan Global Resources for a JV – Singareni Collieries Company (SCCL), the public sector coal mining company in advanced talks with Hindustan Global Resources (HGR) to set up a joint venture to get coal-to-briquette technology into India. HGR is an Australian firm, owned by a group Non resident Indians (NRIs). SCCL is jointly owned by the state government of Andhra Pradesh and the government of India. SCCL is likely to hold a majority stake in the JV that will entail investments of Rs 50 crore initially. (The Economic Times)

Indian Investors Offers to Acquire Egyptian Firm – An Indian investor, Bavaguthu Raghuram Shetty, has offered Alexandria Medical Services Company, an Egyptian medical diagnostic and treatment services firm, an acquisition for 100.8 million Egyptian pounds. The Indian investor has offered to buy the entire shares (1.4 million) of Alexandria Medical Services at a price of 72 Egyptian pounds a share. Bavaguthu Raghuram Shetty, runs a healthcare business in the United Arab Emirates. (The Economic Times)

Kotecha Sold 6% of Pyramid on the Fake SEBI Letter – Nirmal Kotecha, one of the promoters of Pyramid Saimira Theatre, has benefited from the forged SEBI letter that ordered the company to make an open offer at Rs 250, that hit the markets two weeks ago. Kotecha had offloaded over 6% of his stake in market sale on December 22 and 23. The sale happened in 14 transactions executed through different broking houses — Indiabulls Securities, Kotak Securities, JM Financial, IL&FS, India Capital markets and Vertex securities. (DNA Money)

 


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Sun Pharma Offers To Buy Remaining Stake In Taro At 26% Premium

Sun Pharma Offers To Buy Remaining Stake In Taro At 26% Premium

Anil Das 6 years ago
Mumbai-based Sun Pharmaceuticals has proposed to acquire Taro Pharmaceuticals with an offer to purchase all outstanding shares of the Israeli firm, the company has disclosed...
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Israeli Court Rules In Favour Of Sun Pharma In Taro Battle

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Reghu Balakrishnan 7 years ago
The Israeli Supreme Court has ruled in favour of Sun Pharma in the takeover battle of Taro Pharma.  The apex court unanimously dismissed the appeal...
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News Round Up: Sun Raises Offer By 23% to Buy Residual Stake in Taro

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