The panel may also decide on a sealed process where bidders' offers are final, or a standard auction held over a period of days.
Dutch brewing major Heineken on Wednesday said it has acquired an additional 14.98 per cent stake in United Breweries Ltd, taking its total shareholding to 61.50 per cent. "Heineken N.V. today (on Wednesday) announces that it has acquired an additional 39,644,346 ordinary shares in United Breweries Ltd (UBL) taking its shareholding in UBL from 46.5 per cent to 61.5 per cent," Heineken said in a statement. UBL, with its flagship brand 'Kingfisher', is the leading player in the beer market in India.
The UK Takeover Panel has initiated discussions with the two suitors for Anglo-Dutch steelmaker Corus Group -- Tata Steel and CSN of Brazil -- to lay down the process for selecting the winner.
US food major Kraft has been given a 40 day deadline by the UK panel on takeovers and mergers either to make a formal proposal for British confectionery firm Cadbury or walk away from the deal.
On September 26, HCL Technologies announced the terms of a cash offer to acquire the entire issued and to be issued share capital of Axon at a price of 650 pence per Axon share. On October 8, HCL EAS, the indirect wholly-owned subsidiary of HCL Technologies, acquired 3,01,623 Axon shares which represent approximately 0.47 per cent of the current issued share capital of Axon.
Board has right to reject takeover panel's choice.
The UK takeover panel sets January 30 deadline for Tata Steel and CSN to announce revised offer for Corus.
The nine-round auction called by the UK Takeover Panel to decide the winner between the two suitors began at 2200 hrs Indian time (1630 hrs GMT) and will end the slugfest that has been on for three months.
The board of Tata Steel, which will enter an open bidding war with Brazil's CSN for Corus on Tuesday, met in Mumbai presumably to discuss the strategy for the auction and also consider the quarterly results.
With no final offers forthcoming from Tata Steel and CSN -- the two suitors for Corus -- the UK Takeover Panel has decided to put the Anglo-Dutch steel maker under the hammer on January 30.
While the fight between Tata Steel and CSN over Anglo-Dutch steel maker Corus continues, experts feel there is still time for a third suitor to put in bids ahead of a deadline set by the regulators.
Shares of the company, which is in the middle of a takeover battle between India's Tata Steel and Brazil's CSN, closed at 530.5 pence on Friday and at current market price could make the shareholding employees millionaires overnight.
The battle for Anglo-Dutch steelmaker Corus is set to intensify with the UK takeover panel mulling over a rare intervention by arranging an auction between the two bidders - India's Tata Steel and Brazil's CSN.
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