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Pioneer Investments acquires 51% shareholding in BOB AMC

The Securities and Exchange Board of India (SEBI) has issued a no objection to the inclusion of Pioneer Global Asset Management SpA (Pioneer Investments) as a co-sponsor in BOB Mutual Fund. Consequently, Pioneer Investments has acquired a 51% shareholding in BOB Asset Management Company Limited. Pioneer Investments through this joint venture with Bank of Baroda is set to commence its asset management operations and mutual fund business in India. The new venture will now be named as “Baroda Pioneer Asset Management Company Limited”, with Pioneer Investments holding 51% stake with management control and Bank of Baroda holding 49% in the AMC. . The joint venture combines world class investment management skills of Pioneer Investments, gained over the last 80 years from various markets across the globe, with the very strong presence in India of Bank of Baroda’s wide network of branches. For Investors, this would result in newer opportunities for wealth creation combined with easy accessibility. […]

MTN may quit Reliance talks: Report

Caught in the middle of the Ambani siblings’ feud, South African telecom giant MTN is mulling walking away from talks for a possible amalgamation with Anil Ambani-led Reliance Communications (Rcom), a report said today. “South Africa’s MTN is considering walking away from a tie-up with Reliance Communications of India because it fears an acrimonious spat between the Indian telecom operator’s owner and his brother could leave the deal open to legal action,” UK daily Financial Times reported. While quoting an unnamed person familiar with the talks as saying MTN and RCom could extend their exclusive talks for another two to three weeks after the 45-day period expires tomorrow, the report said, “there is no indication that extra time alone would be sufficient to resolve the feud” between Anil and Mukesh Ambani. The deal, if fructifies, could create a combined entity worth about $70-80 billion, which would be one the world’s biggest emerging market telecom firm. […]

Talco denied reports of selling its stake to Nalco

Talco, the Tajik national aluminium plant, has denied earlier reports about possibly selling its general stake to Nalco, India’s second largest aluminium manufacturer, AsiaPlus reports. Despite media reports claiming Nalco would most likely acquire 51% of the Tajik plant, Saekhat Kadyrova, Talco’s press secretary, dismissed such reports as “absurd”, emphasizing that negotiations have never taken place. If Nalco sealed an agreement with the Tajik company, it would become the world’s third largest aluminium manufacturer. “Selling a company that provides 75% of the country’s total cash currency, and when world aluminium prices are soaring […]

US based distress fund may buy stake in SpiceJet

Wilbur Ross, a US-based distress fund may invest in SpiceJet, reports Business Standard. Last week, a media report stated that Kingfisher Airline is in negotiations with two majority shareholders of SpiceJet to buy the low-cost airline in all cash deals. Kingfisher is negotiating with Gulf based fund Istithmar and UK based Kansagra family. Together they hold 26.3% in SpiceJet; acquisition of more than 20% would lead to an open offer as per SEBI rules. If Kingfisher acquires the airliner it will hold more than 40% market share in SpiceJet and be able to control the pricing on key routes. SpiceJet is looking to raise USD 100 million from the markets. (My Iris) […]

Bangalore's Bearys group to raise funds from PEs

Bangalore-based Bearys Group is scouting for a partner to raise around USD 350 million to fund its two Special Economic Zones (SEZ) in Bangalore and Mangalore, besides a few other projects, a top official said. “We are holding talks with several private equity players in the overseas market to mop up USD 350 million to fund our SEZs and other projects. Talks are in advanced stages and we hope to finalise one partner in the next 3 to 4 months,” Bearys Amanah investment's CEO, Shariq Nisar, said. Bearys Amanah Investment is the real estate investment arm of the Rs 2,000-crore Bearys group. The UBS Group of Switzerland, Dubai Islamic Bank and Gulf Investment House are some of the entities the Bearys group is negotiating with, Nisar said. […]