Indian-origin tycoon Sanjeev Gupta to bail out another ailing UK plant
The Dollar Business Bureau Indian-origin businessman Sanjeev Gupta is likely to bail out yet another ailing plant in Britain after he agreed to acquire the UK’s biggest producer of merchant bars that are used in shaping steel products. As per the deal, Gupta’s Liberty House Group will buy out 100% of the share capital of the Caparo Merchant Bar Plc (CMB) from its managers of Caparo Industries. The acquisition forms a part of Liberty House’s broader strategy for Britain’s steel industry, with taken over major parts of Tata Steel’s UK business and earlier acquiring a large part of Caparo’s engineering operations when the plants owned by Indian-born business magnate Lord Swraj Paul, went into management in 2015. “CMB remained solvent despite its parent, Caparo Industries Plc, ...
Verizon concludes the $4.5 bn takeover deal of Yahoo
The Dollar Business Bureau Telecommunication conglomerate Verizon concluded the $4.5 billion deal of Yahoo’s takeover on Tuesday, ending the web company’s 21-year history as an independent entity. The deal also brings to an end the 5-year rule of Yahoo’s CEO Marissa Mayer, who is not joining the new company. She will take a compensation package presently worth around $127 million that includes severance pay and stock awards which will be fully conferred with the completion of deal. The properties of Yahoo including its email, finance and Tumblr will be joined with AOL, which Verizon purchased in 2015. The joint corporate entity covering over 50 media, advertising and technology brands will now be called Oath. The new entity will be led by Tim Armstrong, the former ...
Canyon Bridge to file Lattice deal for CFIUS review for 3rd time
The Dollar Business Bureau China-backed buyout fund, Canyon Bridge Capital Partners LLC , which agreed to buy American manufacturing firm Lattice Semiconductor Corp for $1.3 billion in November, will submit the pact for review with the US for the third time, reported a leading international news agency on Sunday, citing sources familiar with the matter. The step comes as Canyon Bridge is seeking to get the approval for the deal from the Committee on Foreign Investment in the US (CFIUS), a government board that assess corporate acquisitions for possible national security risks. The standard review by CFIUS takes around 75 days. The deal was submitted by Canyon Bridge for review in January and again in March. The refilling for CFIUS review resets the ...
Bharti Airtel buys Tikonas 4G business for Rs.1600 cr
The Dollar Business Bureau Telecom major Bharti Airtel Ltd has acquired the 4G business of Tikona Digital Networks for Rs1,600 crore, to ramp up its capacity of a high-speed broadband spectrum to take on Vodafone-Idea Cellular and Reliance Jio Infocomm in a highly competitive telecom market which is witnessing rapid consolidation. The deal, which was announced just a few days after the merger of Vodafone and Idea, will give an edge to Bharti Airtel as the largest telecommunications company in India. Through this deal Bharti can gain access to Tikona’s 4G airwaves in five states of Gujarat, UP (West), UP (East), Rajasthan and Himachal Pradesh. This will also bridge the gap between Bharti Airtel's pan-India 4G capacity and Reliance Jio and ...
Idea and Vodafone announce $23 billion cashless merger
The Dollar Business Bureau Vodafone and Idea officially confirmed their much-anticipated merger on Monday. The combined entity, in terms of revenue and number of subscribers, will form the biggest player in India, which is the world's second largest telecom market. However, Airtel is still projected to lead in profitability and average revenue per user (ARPU). The $23 billion deal between India's second and third largest telecom firms will see the formation of a gargantuan entity with a subscriber base of close to 400 million and revenues projected at over Rs.80,000 crore, capturing 41% market share in revenue. Vodafone will hold a 45.1% share in the joint venture after selling 4.9% stake to Idea for Rs.3,900 crore. Aditya Birla holds a 26% stake initially, but at the end of three ...
Mistry talks of sustainable growth, wants cos to be 'agile'
The Dollar Business Bureau With overseas business making up 70 per cent of Tata group's revenue, Chairman Cyrus Mistry remains optimistic about acquisitions -- both within and outside India -- as also growth through the organic route. He wants his companies to have speed and agility to adapt to "turbulent times". Each of the group companies is charting its own strategy and growth story, with a focus on sustainable and profitable growth, Mistry asserted. "We continue to remain open to growth opportunities in India and overseas, through the organic route and acquisitions," he said. The group invested Rs 4,15,000 crore (USD 79 billion) in capex over the last decade. Of this, Rs 1,70,000 crore (USD 28 billion) was invested in the last three years alone. In ...
JSW Steel to buy JSW Praxair Oxygen for Rs. 240 cr
The Dollar Business Bureau Indian private sector steel major, JSW Steel, said on Tuesday that it will buy 74 percent share in JSW Praxair Oxygen Pvt Ltd (JPOPL) for Rs.240 crore in an all-cash deal. JPOPL is into the production of industrial gases including nitrogen, oxygen and argon. The company has two air separation units, each having a capacity of producing 2, 500 tonnes a day. The plants are situated in the Bellary district of Karnataka. “JSW Steel has executed a share purchase agreement with Praxair India to acquire their entire shareholding of 74 percent in JPOPL for a cash consideration of Rs.240 crore,” the company said in a regulatory filing. Sajjan Jindal-led JSW Steel has a shareholding of 26 percent in the JPOPL. After acquisition, JPOPL ...
CCI to tweak rules to ease merger and acquisition process
The Dollar Business Bureau Fair trade regulator Competition Commission of India (CCI) will soon come out with changes in its rules to ease the process of mergers and acquisitions (M&As) and reduce the time for clearing such deals to 30 days. Experts are already working on a fresh set of regulations which is expected to be put in place by the end of December. “We are actively and quickly reviewing regulations, we have called for comments from some of the law firms which have been filing with us and I think before this year ends, which is in the next few days and 2016 starts, we will make further changes on things which have been bothering companies in terms of authorised ...
