February 2010
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Tube Investments to acquire stake in Sedis Group

Tube Investments announced acquisition of a controlling stake in Sedis Group, France through acquisition of 77% equity of its holding company, Financiere C10. The stock opened at Rs 75 and touched high of Rs 81 on the NSE. As many as 736,175 equity shares changed the hands on the counter so far. The company acquired stake directly from the financial investors in FC10 (75%) and a few other shareholders. The management shareholders will continue to hold the remaining shares in FC10 and be associated with Sedis for a period of three years. [...]

BP, Reliance in race for stake in Canadian firm

British energy major BP and Indian conglomerate Reliance Industries are in the race to buy a majority stake in a Canadian company Value Creation, a media report says. “The company (BP) is in talks to pay about $1.2 billion for a majority stake in Value Creation, a Canadian company that has substantial reserves of the oil-rich sand deposits,” the Sunday Times reported yesterday. The daily further said that “Reliance Industries, the Indian conglomerate, is thought to have made a rival $2 billion takeover bid, but BP is understood to be the preferred partner.” BP, however, is likely to face fierce opposition from environmentalists and some of its shareholders, as they believe that the deal is expensive and environmentally damaging, the report added. [...]

Bharti Faces Hurdle on Zain Nigeria in $10.7 Billion Purchase

Bharti Airtel Ltd.’s plan to buy most of the African assets of Kuwait’s Zain for $10.7 billion may face challenges even before it begins its due diligence. India’s largest wireless company’s plan can’t include Zain’s Celtel Nigeria B.V. unit until an ownership dispute with Econet Wireless Holdings Ltd. on that business is resolved, Econet Chief Executive Officer Strive Masiyiwa said. “Zain Nigeria is not for sale,” Masiyiwa said in an interview in Johannesburg today. Bharti’s third attempt to enter Africa highlights billionaire Chairman Sunil Mittal’s ambitions to expand overseas as competition intensifies at home, where call rates have fallen to less than a penny a minute. Mittal has tried to gain access to other fast-growing markets, including a second failed attempt last year to buy South Africa’s MTN Group Ltd. for about $23 billion. [...]