French Firm Vetoquinol Joins Race for Acquiring Wockhardt’s Vet Unit - French company Vetoquinol is the latest to join the list of global majors looking to acquire the Rs 250 crore animal healthcare business of Wockhardt Pharma. Vetoquinol has started its due diligence and is most likely to buy the vet business. Its India foray is in line with its plans for the Asian market. Vetoquinol will compete with two other contenders the world biggest pharma company Pfizer and French company Sanofi Aventis to acquire the Wockhardt business. Another French company Virbac is also believed to be in the fray. (The Economic Times)
JSL to Raise Rs 500 Crore to Fund Orissa Project - Ratan Jindal-led JSL (formerly known as Jindal Stainless) is planning to raise Rs 500 crore through various routes, including a rights issue or issuance of global depository receipts (GDRs), to fund its upcoming Rs 5,700-crore stainless steel project in Orissa. The company’s board of directors shall also consider issuing equity shares to qualified institutional buyers through qualified institutional placement and raising money through international offerings by way of issue of FCCBS and GDRs. Though the Orissa steel plant was slated to get commissioned by mid-2011, it has got delayed by a year due to economic slowdown. Once commissioned, the plant will produce 8 lakh tonnes of stainless steel every year. (The Economic Times)
BSE, United Stock Exchange in Talks for Strategic Alliance - The country's oldest exchange, Bombay Stock Exchange, has had preliminary discussions with United Stock Exchange of India, the youngest of the bourse, for a strategic alliance. A possible deal, that may take some time to consummate, could include participation, product sharing, marketing and distribution tie-ups and a common clearing house. Senior officials of the two exchanges had first explored the idea a few months ago and had met more recently to discuss the possibility. (The Economic Times)
Fortis Open to Acquiring Rivals - Fortis Healthcare, the New Delhi-based healthcare chain, has said it is open to acquiring rivals, including Wockhardt Hospitals, owned by Habil Khorakiwala. Fortis, owned by Shivinder Mohan Singh, on April 2 had sought the Securities and Exchange Board of India’s permission to raise Rs 1,000 crore from sale of rights shares. The company however, has not confirmed if it is in talks with Wockhardt for the possible acquisition. Fortis said the funds to be raised through the rights offer were meant for the expansion plan, which included scaling up the number of hospitals to 40 from 27 by 2012. It plans to spend about Rs 2,500 crore. (Business Standard)
Veteran Tea House, Carritt Moran Seeks Equity Investors - Carritt Moran, the second-largest tea auctioneer in the world, has started discussions with investors for selling a stake in the employee-managed company. The move follows a default in payment obligations. This follows the series of events that has impelled the Tea Board of India to call in consultants AF Ferguson & Co to suggest reforms in the system of tea auctions and settling payment obligations. In fact, there is a threat from the board that it will get Carritt closed if it can’t set things right by itself. A South India-based tea company is understood to be in the fray. Carritt Moran is owned by its employees. Senior managers and upwards own shares in the company. A South India-based tea company is understood to be in the fray. Carritt Moran is owned by its employees. Senior managers and upwards own shares in the company. (Business Standard)
Nokia Siemens Offers to Buys Parts of Nortel - Nokia Siemens Networks, seeking a bigger foothold in the U.S. market, has offered to buy large pieces of Nortel Networks Corp., including its profitable carrier networks unit and a research unit developing a next-generation wireless technology. Separately, an auction of Nortel's enterprise, or business telecom, unit last week attracted bids from competitors Avaya Inc. and Siemens Enterprise Communications. (The Wall Street Journal)
DLF looks to raise Rs 900 cr from sale of 8 plots : The country’s largest real estate developer DLF expects to raise around Rs 900 crore in the next three months by selling at least eight hotel plots across the country, a senior company executive said. The real estate major is talking to several hotel companies, including ITC, Accor, Hyatt, Park Hotels, and buyout fund Duet Group for sale of these plots, he added, refusing to be identified. Plots on the block are located in Mumbai, Kolkata, Bangalore, Gurgaon, Baroda, Lucknow, Kasauli (Himachal Pradesh) and Sikkim. ( The Economic Times)
