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News Roundup: Glaxo Eyes Piramal, Dr Reddy's Labs

24 September, 2009

Patni To Buy ERP, Insurance Companies In US, Europe – Patni Computer Systems has identified two acquisition targets – one each in the US and continental Europe.  The company has around $300 million in cash reserve to fuel its buyout plans and plans to close the deals, at least one transaction by November this year.  The acquisition is part of the company’s plan to cross the $1-billion mark in revenues through inorganic growth, and compete more effectively with TCS, Infosys and Wipro for large multi-year outsourcing contracts.  (Economic Times) 

Gujarat NRE Coke To Raise Rs 300 Cr – Gujarat NRE Coke is planning to raise Rs 300 crore through the issue of securities that includes foreign currency convertible bonds (FCCBs). The company would also consider the issue of 25 million convertible warrants to promoters or promoter group companies. The board will meet on September 24 to discuss the issue. (Business Standard)

Glaxo Eyes Piramal, Dr Reddy’s Labs – Drug major GlaxoSmithKline Plc (GSK) has engaged investment bank Lazard and Co Ltd to evaluate potential acquisitions in the Indian market. The UK-based firm has narrowed its search to two Indian firms – Piramal Healthcare Ltd and Dr Reddy’s Laboratories Ltd for the proposed acquisition. In February 2009, GSK was reportedly in talks with Piramal to buy the firm for around $1.5 billion. (Mint) 

NBC May Buy More Of NDTV Networks – Global media and entertainment conglomerate NBC Universal Inc. is in talks with New Delhi Television (NDTV) Ltd to increase its stake in NDTV Networks Plc, the holding company for the group’s entertainment and lifestyle businesses. The US-based company could soon become a majority stakeholder in NDTV Networks by increasing its holding from the current 26%. NBC acquired 26% in NDTV Networks for $150 million in January 2008. (Mint)

Asim Ghosh, Analjit Singh Sell Stake in Vodafone Essar – In a move to strenghten its position in Vodafopne Essar, British teleco Vodafone has bought a 49% stake in holding companies of Analjit Singh and Asim Ghosh. Max India chairman Analjit Singh, who holds a 3.87% stake in the telco, has sold his stake for Rs 533 crore. Ghosh, who has worked with Hong Kong-based Hutchsion Whampoa and later with Vodafone, has netted Rs 329 crore for his 2.39% stake. (ET)

Sabre To Expand Healthcare Corpus – Sabre Capital is expanding the corpus of its healthcare initiative Spring Healthcare from Rs 250 crore to Rs 400 crore. The PE firm also plans to enter into a tieup with one of the top three hospitals in the US that will look into the consultation and operation aspects. The fund will invest in hospitals, clinical research organisations, diagnostic chains and speciality clinics. (BS)

Sterlite Offers Grupo Mexico Out Of Asarco Penalty – The latest twist of year-long battle among Sterlite and Grupo Mexico for the control of Asarco is that Sterlite Industries Ltd would release Grupo Mexico SAB de CV from a potential legal liability of nearly $8 billion if the Indian miner can win control of bankrupt US copper miner Asarco LLC. In a court document filed on Monday, Sterlite said that if a federal court approves its plan to acquire Asarco over rival bidder Grupo Mexico’s offer, it would not hold Grupo Mexico liable for more than about $900 million of liability related to the 2003 transfer of a Peruvian mine. (Reuters) 

 


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News Roundup: Glaxo Eyes Piramal, Dr Reddy's Labs

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