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News Roundup: Phillips Carbon Black Close To Buying Evonik

01 February, 2011

Phillips Carbon Black Close To Buying Evonik – RPG Group company Phillips Carbon Black (PCBL) has indicated that the company is in the race for the $1.2-billion carbon black division of Germany’s Evonik Industries. The Kolkata-based firm is among the half-a-dozen shortlisted bidders to go through to the second round of the bidding process for Evonik’s carbon black unit. Reports suggested that Aditya Birla Group was another strategic buyer for Germany’s largest speciality chemicals maker and the world’s second largest. It ended the last financial year with sales of about $1.3 billion. (Business Standard)

 

Bain, GIC To Invest In Hero Honda – Private equity firm Bain Capital LLC and Government of Singapore Investment Corporation (GIC), a sovereign fund owned by the government, are close to picking up part of Honda’s 26% equity stake in the world’s largest two-wheeler manufacturer Hero Honda. The two funds have left behind many other contenders, which had shown interest in the deal, including PE funds like KKR, Carlyle, Warburg Pincus and TPG, among others. The deal is being negotiated at a price of around Rs 1,500 to Rs 1,600 a share. (Business Standard)

Three Directors, Key Execs Step Down From Koutons – Three independent directors and two key executives of financially troubled retailer Koutons have resigned from the company, as it struggles to raise funds from markets. Koutons’ independent directors Vinod Chander Sinha, Girish Chandra Raghubir and Krishnamurthy Santhanam have resigned citing ill health and personal reasons, while its Chief Financial Officer, Ajay Mahajan, and Company Secretary, Poonam Chahal, have also put in their papers. Last year, Ajay Mittal, Anil Kathod and Rajeev Grover had resigned as independent directors of the company. (Business Standard)

 

L&T Infotech Acquires Citi’s Canadian IT Biz – L&T Infotech, the information technology arm of engineering major Larsen & Toubro, has acquired Citigroup’s Canadian IT outsourcing arm, Citigroup Fund Services Canada (CFSC). The deal is around $40 million (Rs 180 crore). L&T takes on board 200 employees, of which 90% are IT professionals. However, L&T Infotech has been fairly quiet in the M&A space after it failed to acquire scam-hit Satyam Computer Services in 2009. (Business Standard)

Doosan Acquires Chennai Unit Of Power Firm AE&E – South Korean engineering major Doosan has just completed the acquisition of the Chennai works of Austrian power company AE&E, it is reliably learnt. The significance of the acquisition lies in Doosan getting a manufacturing base in the growing Indian market for power plant boilers. (HinduBusinessLine)

OVL’s Angola Bid May Face Boundary Dispute – Despite the risk stemming from a territorial dispute between Angola and the Democratic Republic of Congo, state-owned ONGC Videsh Ltd (OVL) has gone ahead with its bid to acquire a 25% stake in an oil block owned by Exxon Mobil Corp.’s Angolan arm valued at around $2 billion (Rs 9,200 crore). (Mint)


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News Roundup: Phillips Carbon Black Close To Buying Evonik

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