The meeting to approve the merger of Udaipur-based BoR with the country's largest private sector lender ICICI Bank got off to a chaotic start.
Mergers and acquisitions (M&As) in India are expected to stay buoyant, seen over the last three-four years, despite a slowdown in the first seven months of the calendar year. "M&A is a lumpy business activity, and we may suddenly see large deals taking place during the next two quarters of the calendar year. "This would help maintain the streak of strong M&A activity.
'This segment has performed very well for us and this is reflected in our bounce rate which is about three to four per cent.'
The discussions, if successful, would see the German major owning a majority stake of nearly 60 per cent in the combined entity, while the rest would be with NYSE Euronext.
The domestic equity market, which is on a record-breaking spree, will focus on macroeconomic data announcements, movement in global stocks and the US Fed minutes to get further direction, analysts said. Trading activity of Foreign Institutional Investors (FIIs) will also innfluence investors.From the domestic macroeconomic front, Purchasing Managers' Index (PMI) data for the manufacturing sector will be released on Monday, and that o,f the services sector on Wednesday. Investors, this week, will keenly watch major global market events, icluding the outcome of the Federal Open Market Committee (FOMC) minutes, scheduled to be out on Wednesday.
Two Anil Ambani group companies, Reliance Power and Reliance Natural Resources, on Monday said their respective shareholders have approved merger between the two entities, estimated to create a Rs 50,000-crore (Rs 500 billion) entity.
Sharmila said it was her father's dream to see Rahul Gandhi as prime minister and she would be happy to contribute to it.
Reliance Energy Ltd said on Thursday it has got shareholders' approval for the merger of Reliance Energy Ventures Ltd with itself.
The government on Tuesday told the Rajya Sabha that it has not received any formal proposal for merger of Sahara Airlines with Jet Airways, leading to protests by Left members who asked the minister to clarify on the matter.
Kotak Mahindra Bank's acquisition of ING Vysya Bank is the country's first ever amalgamation of a profit earning entity post the global financial meltdown in 2008.
The Reliance-Anil Dhirubhai Ambani Group on Friday announced a tentative schedule for merger of two firms transferred from Mukesh Ambani group.
Chinese steel industry has for the first time openly expressed concern over the merger of global steel giants, Mittal with Arcelor saying it posed "great challenge" for the domestic industry.
The merger process started four years ago, with the acquisition of Satyam in April 2009.
The Supreme Court on Monday ruled the former state of Jammu and Kashmir did not have any 'internal sovereignty' that was distinguishable from the powers and privileges enjoyed by other states in the country.
From the Sensex pack, State Bank of India, HDFC, Axis Bank, HDFC Bank, Bharti Airtel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, NTPC and Bajaj Finserv were the major gainers.
Survey says about 60% were unhappy with the union of the two carriers.
The Belagavi administration has banned three Maharashtra ministers and an MP from entering this border district, as they are expected to participate in the "black day" event organised by Maharashtra Ekikaran Samiti (MES) on November 1, on the occasion of Karnataka formation day.
The Madras high court was to hear the petition on Friday, but it had to be deferred due to the ongoing boycott of courts by lawyers, Subhiksha Trading Services Ltd said. The merger petition pertains to the purchase of 40 per cent stake in Blue Green Constructions for Rs 2 crore (Rs 20 million) by Subhiksha in 2008, followed by the retail chain's decision to merge the two entities.
Mergers to create at most six state banks
To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
Global private equity investor Advent International on Monday said it is acquiring a significant stake in Suven Pharmaceuticals from its promoters, the Jasti family. The PE major said this will be followed with an open offer to acquire 26 per cent more in the listed contract development and manufacturing organisation from public shareholders, and also merge the company with investee company Cohance Lifesciences, as per an official statement. Media reports on a Monday morning pegged the acquisition at Rs 6,300 crore, and that Advent had pipped rival Blackstone for the acquisition.
To outgoing Vodafone CEO Vittorio Colao, negotiating big deals was an art form, as an international report pointed out after the $130-billion sale of Vodafone's 45 per cent stake in Verizon Wireless, says Nivedita Mookerji.
Noting that the talks between GM and Cerberus Capital Management, the private equity arm that owns Chrysler, began over a month ago, the New York Times said, 'negotiations are not certain to produce a deal.' Quoting two people close to the process, the newspaper said that chances of a merger were "50-50" as of Friday and "would most likely still take weeks to work out."
The Planning Commission will finalise in a couple of months a draft on an integrated energy policy, which will include its views on merger of oil public sector undertakings.
In its petition, the association alleged that the procedure followed by the Union Government for the merger was not proper and was illegal. A new company, National Aviation Company of India Ltd was incorporated in March this year as promoter of the new brand and the merger would take two years to become effective.
Ashwani Lohani said employees were wrongly blamed for woes of the organisation due to the merger that didn't happen
State Bank of India (SBI) and Housing Development Finance Corporation (HDFC) will see maximum inflows from passive trackers on account of the quarterly rebalancing exercise of the National Stock Exchange Nifty Bank Index. IndusInd Bank and AU Small Finance Bank could see maximum outflows. The rejig of the Nifty CPSE Index will result in inflows in Oil and Natural Gas Corporation, NTPC, and Coal India and maximum outflows in Bharat Electronics, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
The Competition Commission of India and the US Federal Trade Commission are yet to give their nod to the biggest pharma merger and acquisition deal this year in the Asia-Pacific region.
Ahead of assembly polls in Maharashtra, Nationalist Congress Party chief Sharad Pawar on Wednesday ruled out the possibility of merger with Congress, terming as "cheap publicity" statements in this regard made by that party.
On Tuesday, BJP President Amit Shah had mocked the alliance saying 'zero plus zero remains a zero'.
Despite the uncertainties created by rising bond yields and oil prices, fund managers have been proactively deploying fresh flows into the equity market. The cash available with equity fund managers, which has remained lower at around 5 per cent in the past few months, hit a 16-month low of 4.8 per cent in September, shows a Motilal Oswal Financial Services report. Cash holdings in equity schemes had topped 6 per cent in February amid subdued equity market sentiment.
Japan's Sony Corporation, which is merging its Indian television content company with Zee Entertainment Enterprises, is likely to seek a fresh forensic audit of the company after market regulator Sebi levelled fund diversion charges against Zee promoters, top lawyers said. The Sebi also barred Zee founder Subhash Chandra and its Chief Executive Officer (CEO) Puneet Goenka from holding any position as director. "As the Sebi has made fund diversion charges, which may change the nature of audited reports already filed, the acquirer (Sony) can seek a fresh forensic audit," said H P Ranina, a corporate lawyer.
The government is considering allowing intra-circle merger and acquisitions in the telecom sector, subject to the presence of minimum three service operators in a particular circle.
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