News Roundup: BCCL Eyes Sale Of UK’s Virgin Radio

20 May, 2012

BCCL Eyes Sale Of UK’s Virgin Radio – Bennett, Coleman and Co. Ltd, which acquired UK-based Virgin Radio Holdings Ltd in June 2008 for £53.2 million (Rs 382.5 crore today), is considering the sale of the radio company. It has given Jefferies India Pvt. Ltd the mandate to sell the business. Virgin Radio was acquired by TIML Radio Ltd, a subsidiary of Times Infotainment Media Ltd (part of BCCL), from Scottish Media Group Plc. It was renamed Absolute Radio. TIML Radio had then said that it would invest £15 million in the rebranding effort. (Mint)

BHEL Considers Buying AE&E Lentjes – State-run power equipment manufacturer Bharat Heavy Electricals (Bhel) is planning to buy German firm AE&E Lentjes to access its high-end CFBC boiler manufacturing technology. The German company’s sales exceeded euro 70 million in 2010. CBFC or circulating fluidised bed combustion is a combustion technology used in power plants.Bhel has hired the services of legal and financial consultants to conduct due diligence for the proposed takeover. Bhel has cash reserves of Rs 10,000 crore. (Financial Express)

IDFC’s Foreign Status Create Problems In Vodafone-Essar Deal – Vodafone Group Plc, which has used local finance company IDFC to park a portion of its stake in Vodafone Essar, may face hurdles as infrastructure financing major could be classified as a foreign firm. Omega, a company 61.6% owned by IDFC, has held a 5.11% stake in Vodafone Essar since 2007, the year Vodafone bought into the Indian mobile operator. A change in the ownership status of IDFC may be about to create technical complications, potentially queering the pitch for the world’s largest mobile phone company by revenues after its decision last week to buy out its partner’s 33.01% holding in Vodafone Essar. (Economic Times)

Dabur, Emami Not In Race For Henkel – Homegrown FMCG companies Dabur and Emami have opted out of the race to acquire controlling stake in the Indian subsidiary of German household goods maker Henkel. Jyothy Laboratories is now the likely frontrunner for Henkel India. The bidding process will be finalised by Tuesday. Jyothy Laboratories acquired a 14.9% stake in Henkel from Tamil Nadu Petro Products for Rs 60.7 crore last month. (Economic Times)

GVK To Buy Hancock Coal – Hyderabad-based GVK group has been shortlisted to acquire Hancock Coal and the two firms have entered into an “exclusive arrangement”for negotiations that would continue till the middle of next month. GVK will have to make an initial payment of $1.3 billion (Rs 5,798 crore) or show its capability to do so within the exclusivity period. It would have to follow it up with similar payments of $1.3 billion each over the next three to four years towards equity. Over and above the $4 billion equity, GVK will have to pay another $4 billion as debt and mining development costs over the next six years, taking the total deal size to around $8 billion. (Business Standard)

Suzlon To Acquire 100% In REpower – Wind turbine maker Suzlon Energy is all set to acquire the residual stake in German company REpower, to get 100% control of the company. On Monday, it notified the board of REpower to initiate squeeze-out proceedings with respect to minority shareholders. Under German law, the owner of 95% stake in a company is entitled to a squeeze-out procedure where minority shareholders’ stake can be acquired on a compulsory basis. (Business Standard)

Idea Cellular Considering Stake Sale – Idea Cellular Ltd’s controlling shareholder is considering selling its stake in India’s third-largest mobile-phone company and has held talks with potential purchasers including MTN Group Ltd. The discussions between India’s Aditya Birla Group and Johannesburg-based MTN are at an early stage and may not result in a transaction. Birla Group is also talking with telecommunications companies in the US and Europe about a deal for the stake in Idea. The Group controls Idea with a 47% stake and Malaysia’s Axiata Group Bhd owns 19%. (Business Standard)

CESC Eyes Expansion Into Nigeria – CESC Ltd, the power utility owned by the RPG Group, has put in bids for acquiring majority stakes in multiple state-owned power plants and distribution companies being privatised in Nigeria. A successful bid would mark CESC’s maiden foray into the power sector overseas. As of now, its sole presence beyond the borders is through stake in a coal mine in South Africa. (DNA)


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News Roundup: BCCL Eyes Sale Of UK’s Virgin Radio

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