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News Roundup: Tech Mahindra to Bid for Satyam Jointly With a PE Firm

02 March, 2009

Sterlite Cuts Bid for US Asarco – Sterlite Industries, part of the London-based Vedanta Group, has put in a fresh bid with a long-term staggered payment schedule to acquire Asarco, four months after it appeared to have abandoned its offer to buy the bankrupt US miner in the wake of falling commodity prices. The new bid is pegged between $1.4 billion and 1.5 billion, which is much lower than the $2.6 billion offered by the Anil Agarwal controlled company earlier. The cost of the transaction will be lower as Sterlite has proposed paying almost half of the amount in installments over a five-year period. (The Economic Times)

Tech Mahindra to Bid for Satyam Jointly With a PE Firm – IT giant Tech Mahindra is considering the idea of launching a bid for the fraud hit IT firm, Satyam Computer Services, jointly with a private equity firm. According to sources, the diversified Mahindra & Mahindra Group, which holds a 44% stake in Tech Mahindra, has started scouting for funds before putting in a bid for Satyam. If Tech Mahindra finally chooses to bid for Satyam jointly with a PE, it will float a special purpose vehicle (SPV) in which the PE investor will hold equity. Sources also suggest that the company is also talking to banks to raise funds for possible deal. (The Economic Times)

Thaibev Plans to Buy into United Spirits – Thai billionaire Charoen Sirivadhanabhakdi is planning to buy into Vijay Mallya’s United Spirits (USL). According to sources, Charoen’s ThaiBev, listed on the Singapore Stock Exchange, initiated formal talks with the Indian spirits company exploring a strategic deal about 10 days ago. ThaiBev’s late entry comes even as USL is locked in advanced discussions with drinks giant Diageo for a substantial minority stake sale. Sources also suggest that UB’s top management would prefer Diageo over Thaibev. (The Economic Times)

Twinstar to Delist Malco – Twin Star Holdings Ltd, which already holds 80% or 9,00,00,000 equity shares of Rs 2 each of The Madras Aluminium Company Ltd, is planning to further acquire 2,25,00,000 shares, or around 20% from the public shareholders. By doing so, Twinstar plans to delist the equity shares of Malco. The board of Twin Star has approved on a price not exceeding Rs 105 per share for the Delisting Offer. The Bid Opening date is March 17, 2009 and Bid Closing Date is March 20, 2009. (The Economic Times)

Unitech in talks with OBC to Sell Office Space in Delhi – Real estate firm Unitech is in talks with Oriental Bank of Commerce (OBC) to sell its office building in Saket, New Delhi. If the deal materialises, it could fetch Unitech around Rs 500 crore. The company is also simultaneously in talks with 7-8 wealthy individuals to sell floors in that office, in the event of a deal with OBC not working out. The six-floor 2.2 lakh sq ft office, which is almost ready to be occupied, can fetch around Rs 500 crore if sold to one buyer and higher if sold floor-wise to multiple buyers. (The Economic Times)

Ravi Jaipuria to buy Pepsi’s Bangal Bottling Plant – Ravi Jaipuria is expected to buy PepsiCo India’s West Bengal bottling plant in Sonarpur in a deal that will make him the global beverage-to-foods giant’s single largest bottler in India. With this deal, Jaipuria’s RJ Corp will own over 10 bottling plants, controlling 25 per cent of PepsiCo’s bottling capacity in the country. The deal is expected to be completed in a day or two. The west Bengal operations are expected to contribute 10%- 15% to the company’s turnover. (Business Standard)

GUNVL to Pick 5% Stake in PXI – Gujarat Urja Vikas Nigam Ltd (GUVNL) or the erstwhile GEB is planning to pick up five per cent stake in Power Exchange India Ltd (PXI), one of the two nation-wide exchanges for trading of electricity, for an undisclosed amount. The deal is expected to be sealed in about a month’s time. PXI has been promoted by two of India’s leading Exchanges, National Stock Exchange of India Ltd (NSE) & National Commodities & Derivatives Exchange Ltd (NCDEX). GUVNL has meanwhile dropped its plans to set up an energy exchange platform for trading power in Gujarat. (Business Standard)

 

 


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News Roundup: Tech Mahindra to Bid for Satyam Jointly With a PE Firm

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