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News Roundup: PVR in Talks to Acquire DT Cinemas

30 June, 2009

Reliance Retail Looks to Buy Henkel’s Two Soap Brands – Mukesh Ambani’s Reliance Retail has put in bids to acquire two of Henkel India’s soap brands, a sign of the big ambitions it has in the fast-moving consumer goods (FMCG) business. Any deal for the male deodorant soap Aramusk and Moloy sandalwood soap, put up for sale late last year, is estimated to be worth about Rs 10 crore. The Henkel brands are unlikely to generate significant revenues at the national level, but they are attractive buys locally, especially in the eastern part of the country. (The Economic Times)

PVR in Talks to Acquire DT Cinemas- Ajay Bijli-controlled multiplex chain PVR is in talks to acquire DT Cinemas, a wholly-owned subsidiary of India’s largest real estate player DLF Group. Talks between the two firms are at a nascent stage. The deal could be either in the form of a merger or a complete acquisition. The valuation process is about to begin in the next few days. (The Economic Times)

AIG Keeps Tata JV Out of Rebranding Plan – Troubled US insurer AIG has kept out Tata AIG, its joint venture with the Tatas, from a rebranding exercise of its Asian businesses as American International Assurance (AIA). The Indian operations are a part of the 13 markets that come under AIA Holdings, which is scheduled to go public and eventually break away from its parent AIG. Tata AIG was kept out because AIG has only a minority interest, and a rebranding would be capital-intensive. (The Economic Times)

SBI in Talks to Buy Indonesian Bank – State Bank of India (SBI), the country’s largest bank, is in talks with Indonesia-based Bank Eksekutif to acquire a majority stake. Bank Eksekutif is one of the relatively smaller Indonesian banks, with a market capitalisation of $6.66 million. Bank Eksekutif has 13 branches in Indonesia and an employee base of 491. (The Economic Times)

Pyramid Saimira Puts Up US, Malaysian Business on Sale – In a move aimed at stemming declining losses and generating funds for Indian operations, Chennai-based entertainment company Pyramid Saimira Theatre Ltd (PSTL) has put its businesses and assets in the US and Malaysia up for sale. In the US, the company has decided to sell off its 21 screens, two radio stations (FunAsiA Radio), a banquet hall and the magazine for Indian diaspora, DesiPages. The assets and businesses up for sale are mainly that of US-based FunAsiA, which was acquired by PSTL in 2007, in addition to PSTL’s own assets. (Business Standard)

Mahindra Holidays’ public offer price fixed at Rs 300 – Leisure hospitality provider Mahindra Holidays and Resorts India (MHRIL) has fixed the issue price for its Initial Public Offering (IPO) at Rs 300 per share. The IPO, which broke the four-month lull in the primary market, was subscribed 9.8 times the number of shares on offer at the end of the issue period on June 26. The issue received bids for 9,08,33,800 shares against the issue size of 92,65,275 shares. ()

 


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News Roundup: PVR in Talks to Acquire DT Cinemas

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