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Dishman Pharmaceuticals & Chemicals will soon acquire the vitamin and fine chemicals business of the Netherlands-based pharmaceuticals major, Solvay Pharmaceuticals (Solvay), for an undisclosed amount. According to a memorandum of understanding between the two parties, Dishman will take over Solvay’s facilities, people and activities located in Veenendaal in the Netherlands, besides acquiring the technology, patent and intellectual property rights for fine chemicals. After the completion of due diligence and employee information procedures and gaining the approval of relevant authorities, the transfer of ownership will be completed, during 2007, according to Dishman. […]
Madras Stock Exchange (MSE), the oldest stock exchange in South India, has invited bids to sell 51% brokers’ stake in the bourse as part of the scheme to separate brokers’ trading and ownership rights. Interested parties willing to bid up to a maximum of 5% equity of the MSE have been requested to submit their Expression of Interest (EoI) by 27 July. The disinvestment is being carried out under the demutualization scheme for 11 stock exchanges approved by the Securities and Exchange Board of India in August 2005. Each stock exchange would mandatorily have to sell 51% of brokers’ equity to separate their trading and ownership rights of bourses. The process is called demutualization. The disinvestment of at least 51% would be made by the way of offer of sale or private placement or a combination of both. In addition to this there could be induction of strategic or financial partners, the stock exchange said in the invitation of bids. Stock exchanges can sell 26% stake in bourses to foreign direct investors and 23% to foreign institutional investors. The MSE board reserves the right to accept or reject any EoI received without assigning any reasons, it said. […]
The country’s oldest financial institution, IFCI, will invite bids later this month for the sale of 26% stake to a strategic investor. “We will float global advertisement for inviting bids for strategic sale of stake in the next 10-15 days,” IFCI chief executive officer R M Malla told PTI here. The board has given approval to preliminary information memorandum prepared by Ernst & Young in consultation with IFCI, he said. The memorandum lays down the criteria for selection of bids, he said. E&Y would help IFCI in carrying out modalities related with stake sale. On whether the partner would be domestic or foreign player, Malla said the path has been laid out for the induction of a strategic partner, which could be local or global investor. […]
India's Wipro group announced Friday its consumer care and lighting division was acquiring Singapore-based personal care products firm Unza Holdings Ltd for $246 million in an all-cash deal. According to a company statement here, the 100 percent takeover process will be completed by month-end. The deal will make the combined entity a force to reckon with across Asian markets in the personal care segment. 'The acquisition will double our addressable market size in terms of GDP. Unza has an excellent product range and a large portfolio of strong brands catering to Asian consumers,' Wipro consumer care president Vineet Agrawal said. […]
Emap plc on Wednesday said it has acquired a 40 per cent stake in India based magazine publisher Next Gen Publishing Ltd for about Rs 30.13 crore (3.7 million pounds) in an all cash deal. “As one of the fastest growing economies in the world experiencing a marked increase in wealth and consumerism, we see India as a prime market that will be highly receptive to our brands. […]
Japanese financial services major Nomura will buy 35% in Enam Financial Consultants for Rs 1,400 crore. The deal is expected to be announced as early as Wednesday, a sources close to the development said. In the process Nomura has pipped a host of other global financial sector majors like JP Morgan, Barclays and Credit Suisse to the post. The deal is being announced on the eve of the foundation day of Enam, sources said. […]
Spentex Industries, the largest yarn manufacturer in India, has acquired Schoeller Litvinov KS in the Czech Republic for a consideration of $25 million. The acquisition gives Spentex access to a large customer base in over 30 countries. […]
JM Financial Services announced on Wednesday that it has entered in to a joint venture with ASK Securities. It has agreed to pick up 60% stake in the company for 58.14 crore. The 60% stake in ASK Securities would be picked either by the company itself or through any of its subsidiaries. […]
Patni Computer Systems, a Mumbai-based IT services provider, today announced the acquisition of Europe-based Logan-Orviss International (LOI), a leading independent specialist telecommunications consulting services company. The acquisition includes an upfront cash payment on completion of the transaction as well as performance-linked incentive payments on achieving financial targets over a three-year period. LOI ended 2006 with revenues of ¤11.8 million. […]
Textile design and manufacturing company Himatsingka Seide today said it has acquired 80 per cent stake in the US-based Divatex Home Fashions Inc, a distributor of bed linen products, for $53 million). The acquisition was carried out through Himatsingka Seide’s wholly-owned subsidiary Himatsingka America Inc. The enterprise value for the transaction was $75 million. “Himatsingka will continue to create and strengthen its manufacturing capabilities in India while enhancing its global distribution strengths through acquisitions,” Himatsingka Seide managing director, Mr Dinesh Himatsingka said. […]
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