ONGC, GAIL Bid $2B For UK's Cove Energy - State-owned oil majors ONGC and GAIL plan to outbid Royal Dutch Shell and Thailand's PTTEP with a $2-billion offer for UK's Cove Energy, which has been put on the block. Cove Energy has exploration and development assets in Africa. The combined bid of the Indian firms may value the London-listed firm at 245 pence, which is 11% more than the Thai rival's offer and at an almost 20% premium to the Shell bid. OVL, ONGC's overseas arm, and GAIL may place the offer as early as this week. (Times of India)

GVK To Sell Stake In Power, Oil Assets - GVK Power and Infrastructure Ltd, which needs to raise $1.1 billion (around Rs.5,400 crore) to invest in the medium term across its businesses and especially in power, may look to sell a part of its stake in seven oil and gas blocks off India’s west coast. GVK was in talks with the UK’s BG Group Plc for this. BHP Billiton Ltd, GVK’s partner in the blocks, may also increase its holding.

Mallya May Sell 49% In Whyte & Mackay - Vijay Mallya-promoted United Spirits Ltd (USL) is considering to sell a 49 per cent stake in its Glasgow-based arm Whyte & Mackay to pay off debt, according to a media report. The move is part of a drive to cut UB Group's $4 billion (£2.5 billion) debt. Mallya told the daily that USL, the spirits holding group that has debts of $1.68 billion, was considering sale of 49 per cent stake in Whyte & Mackay, which was bought in 2007 for $1.2 billion. (Business Standard)

SKS Securitises Rs 354Cr - SKS Microfinance, the only listed microfinance institution (MFI) in the country, said it had securitised Rs 354 crore of receivables from 18 states, excluding Andhra Pradesh. The securitisation was carried out through a major public sector bank. Securitisation is the process of pooling loans and turning these into marketable securities that can be sold to investors such as banks to raise funds. (Business Standard)

Enam Hopes To Close Axis Deal By March - Enam Securities has said it is hopeful of its sale to Axis Bank — pending for the last 16 months — going through before the end of the fiscal. The deal is stuck in some procedural issues. Enam struck a deal with India’s third largest private lender Axis Bank to sell its brokerage and investment banking businesses for a whopping Rs 2,067 crore. (Business Line)

NEI Eyes Foreign Buys - C.K. Birla Group company National Engineering Industries (NEI) said on Monday that its foreign acquisition plans are in advanced stages, with the company in talks with 5-6 firms for a buyout. It is looking at some European and American companies that it can acquire and has been engaging with 5-6 firms. (Business Line)

GVK To Exit Novopan - The GVK Group, which is a promoter of Novopan Industries Ltd, an enterprise manufacturing particle boards, has decided to put it on the block. The board of directors of the diversified Hyderabad-based GVK Group company, which has evaluated various options of resuming the operations of the loss making particle board business, has decided to either sell, lease or divest part stake in the company. (Business Line)

Leave Your Comment(s)