GM Files Bankruptcy to Spin Off More Competitive Firm – General Motors Corp, the world’s largest carmaker until its 77-year reign ended last year, filed for bankruptcy protection in the US with a plan to create a 21st-century company that can compete in world markets. GM reported $82.3 billion in assets and $172.8 billion in debt. The US government will bankroll the transformation of the 100-year-old automaker, a victim of tumbling sales and higher gas prices. (Business Standard)
Pantaloon Retail Arm Close to Equity Deal with Carrefour – Pantaloon Retail, the country’s largest retailer, is close to sealing an equity partnership deal between one of its subsidiaries and French retail giant Carrefour. Pantaloon Retail, the country’s largest retailer, is close to sealing an equity partnership deal between one of its subsidiaries and French retail giant Carrefour. (Business Standard)
Hostile takeover of Great Offshore possible: Analysts – Analysts, as well as a couple of competitors, see scope for a hostile takeover bid for Great Offshore, as the company is asset-rich and the offshore segment is doing quite well now. India’s second-largest private ship builder, Bharati Shipyard, which already holds 14.9 per cent stake in the company, had yesterday said it will make an open offer to buy an additional 20 per cent in the company. (Business Standard)
Sabarmati Gas to Sell 50% Stake for Rs 80 Crore – Sabarmati Gas, a retail joint venture between Bharat Petroleum Corporation (BPCL) and Gujarat State Petroleum Corporation (GSPC), has decided to sell about 49.8 per cent stake to three financial institutions for Rs 80 crore. The company has got shareholders approval at a recent EGM to sell stake to IDFC Project Equity Company, IFCI Venture Capital Fund and Unit Trust of India (UTI). The deal was brokered by State Bank of India (SBI) Caps. (Business Standard)
Mylan to Spend Rs 236 Crore More for Matrix Shares – Global drugmaker Mylan will now be forced shell out an additional Rs 236.37 crore to acquire 24.77% equity in the Hyderabad based Matrix Laboratories and get it delisted from Indian bourses. Mylan currently holds about 71.2% in Matrix through MP Laboratories (Mauritius). N Prasad, the founder of Matrix, holds about 5% equity while the remaining is with the public. To get Matrix delisted from Indian bourses and take full control of the company, Mylan had announced a plan to buy back shares totalling 24.77% of equity. At the time of announcing the offer, the acquirer had indicated a price of about Rs 150 per share. However, through the reverse book building method, it has discovered a price of Rs 211 per share. (DNA Money)
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