January 2008
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RFCL buys Alved Pharma

RFCL, a former Ranbaxy group-promoted specialty chemicals company which was acquired by ICICI Venture, has bought Chennai-based Alved Pharma & Foods, a three–decade-old manufacturer of animal health products. Alved is a market leader in south India with institutional sales and exports to West Asia and African countries. The company expects its sales revenues to touch Rs 18 crore in 2007-08. Sources said the transaction is valued at Rs 20-30 crore. Vetnex, the veterinary business division of RFCL, is valued at Rs 90 crore. The combined entity will have a turnover of over Rs 105 crore to become one of the top three players in animal health business in India. […]

Heineken to buy S&N`s UB stake

India Inc feels the impact of global M&As Dutch brewer Heineken is set to buy UK-based Scottish & Newcastle’s (S&N) 37.49 per cent stake in Vijay Mallya’s United Breweries. This is part of a worldwide deal under which S&N’s global operations will be jointly acquired by Danish beer giant Carlsberg and Heineken for $15.4 billion. Under an agreement reached by three companies involved in the deal, Heineken will take over S&N’s India operations. Vijay Mallya holds 37.49 per cent in UB. The company's shareholder pattern consists of 74.98 per cent of promoter group holdings (37.49 per cent each by Mallya and S&N), 16.15 per cent foreign institutional investors, 6.55 per cent individuals and 2.32 per cent others. UB’s share price on the Bombay Stock Exchange rose 6.82 per cent from Rs 289.50 to Rs 309.25 as the falling stock market bounced back. However, Heineken may not be required to make an open offer. According to Securities and Exchange Board of India rules, the open offer will be triggered only if a single shareholder acquires more than 14.99 per cent. […]

Welspun in talks to acquire Remi Metals

The Mumbai-based Welspun group is believed to be in talks to acquire Remi Metals Gujarat, an integrated steel and seamless pipe maker, from the Saraf family. Sources close to the development said the proposed acquisition fits into the scheme of $1-billion Welspun group, which is a market leader in the pipe business. They said Welspun is also in the process of finalising plans to market pipes of Remi Metals to which it supplies DRI (direct reduced iron) or crude steel even before the acquisition. Officials at both the companies confirmed the plans to market finished products of Remi by Welspun. On the proposed acquisition of Remi, an official at Welspun said: “We keep on looking at growth opportunities in all our verticals of businesses across the globe.” A Remi Metals executive said, “It is not correct at the moment.” […]

BlackRock to pick up stake in DSP Merrill

The New York-based BlackRock — the largest quoted asset management company in the world, managing assets in excess of $1.3 trillion — will acquire a 40 per cent stake in DSP Merrill Lynch Fund Managers. DSP Merrill Lynch Fund Managers will be renamed ‘DSP BlackRock Investment Managers’, while DSP Merrill Lynch Mutual Fund will be renamed, ‘DSP BlackRock Mutual Fund’. The DSP Group is owned by Hemendra Kothari and has a track record of over 140 years. Through its investment companies, the DSP Group will continue to retain its existing 60 per cent stake in the joint venture. Addressing a press conference here, Mr. Kothari, Chairman, DSP Merrill Lynch Fund Managers, said, “The participation and involvement of BlackRock will facilitate continuity and enhanced focus on the growth of the joint venture.” […]