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News Roundup: China Life May Invest In Reliance Life

14 December, 2009

Godrej Eyes Sara Lee’s Global Unit – Godrej Sara Lee, the JV between the Godrej family and Sara Lee of the US, may have to battle Reckitt Benckiser and SC Johnson as it plans to bid for the worldwide insecticides business of Sara Lee, which remains on the block, after it agreed to sell Ambi Pur air freshners to Procter & Gamble for $468 million. The Godrej Group, which sells Good Knight mosquito repellent and insecticide Hit under the joint venture, has about $500 million available for global acquisitions. The company reportedly hired consulting firm KPMG and the investment banking arm of HSBC to scout for growth opportunities in the home insecticides category. (ET)

DLF To Buy DAL Asset In Cashless Deal – Leading real estate firm DLF is set to acquire DLF Asset (DAL), a property trust owned by its promoters KP Singh and family, for around Rs 10,000 crore. This is part of DLF’s plan to consolidate its commercial assets under one company. The transaction will be executed through DLF Cyber City, a wholly-owned commercial assets subsidiary of DLF. The equity value of the deal, which includes DAL’s Rs 7,300 crore debt, is around Rs 2,500 crore. Under the proposed deal, DLF Cyber City will acquire Caraf, an investment firm of KP Singh and family, that owns DAL. (ET)

Varun Energy Acquires Madagascar Uranium Mines – Varun Energy Corporation, a group company of steel exporter Varun Industries Ltd, has acquired uranium mines in Madagascar, an island nation in the Indian Ocean. The group acquired 1,111 blocks covering 6,900 sq km with estimated reserves of 1,700,000 tonne of uranium. Varun is present in Madagascar as Varun International SARL and Madagascar Energy Corporation with 67% stake in both companies. (BS

China Life May Invest In Reliance Life – Reliance Life is in talks with Chinese insurance giant China Life for a pre-initial public offer (IPO) placement. The Anil Dhirubhai Ambani group company is also in discussions with a private equity player for a total placement of 15% stake. The private insurer has been contemplating public offer for over six months now and is awaiting a government waiver to allow the IPO. However, the company said it has not entered into any discussions with any insurance firm for pre-IPO placements, as the process would start only after the IPO guidelines were in place. (BS)

Vodafone Open To Selling Bharti Airtel Stake – The UK’s telecom major Vodafone Group PLC is open to selling its 4.4% indirect stake in Bharti Airtel Ltd. The company is open to discussions with potential buyers concerning the Bharti shareholding. Vodafone will also consider listing Vodafone Essar Ltd, its Indian telecom unit. (WSJ)

Hexaware Technologies Eyes Acquisition – Mumbai-based software developer, Hexaware Technologies Ltd, which is partly owned by private equity firm General Atlantic LLC, plans to spend as much as Rs 400 crore ($86 million) to acquire companies and add customers. The company plans to buy companies with revenue of about $25 million and is actively looking at potential targets. () 

Jindal Steel In Bid To Buy Zimbabwe Firm – Jindal Steel and Power Ltd has bid to acquire a majority stake in Zimbabwe Iron and Steel Co. The company is also looking for coal mines in Zimbabwe and aims to tap steel demand in the region. (Mint)

Lyondell Ignores RIL’s Offer, Files Rescue Plan – Despite RIL’s proposal for an acquisition and cash-infusion into LyondellBasell, the LyondellBasell Industries management on Friday filed an updated rescue plan centred on a $2.5 billion cash infusion by its former owner and two investors. The plan, if implemented, would wipe out the rights of the current equity holders and transfer the company to the sponsors of the $2.5 billion rights issue and its existing creditors. Ratification of the plan would significantly dampen RIL’s chances of acquiring the company. (DNA)

TRF Hunts For Rs 100Cr Company – TRF, the engineering and material handling equipment manufacturer from the Tata group, is planning to acquire domestic and overseas companies, which have a turnover size of Rs100 crore. The company has set a target of achieving a turnover of Rs 2,500 crore by 2013. It had recently acquired Dutch Lanka Trailer Manufacturing Ltd (DLT).(DNA)

Tata Steel To Raise $2 Bn In Equity, Debt – Tata Steel is in talks with investors to raise Rs 5,000 crore ($1.1 billion) in equity and an equal amount in debt. Tata Steel has a gross debt of $12.9 billion which it aims to cut by $2 billion in the medium term. ()

Chambal Fertilisers Buys US Firm – Chambal Fertilisers & Chemicals Ltd, a leading private sector fertilizer producer in India, has acquired Fiserv Fulfillment Services, Inc, a company in Pennsylvania, USA for an undisclosed sum. The acquisition was done through ISGN Solutions Inc, a step-down subsidiary of Chambal in the US. The acquisition will enable ISGN Solutions in offering range of services for the entire mortgage loan life cycle. (BSE) 

 


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News Roundup: China Life May Invest In Reliance Life

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