Satyam Computer Services Limited stated that the Federal Cartel Office (FCO) of Germany has issued a letter  permitting the completion of the acquisition of a controlling stake in the company by Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited.
 
According to a Satyam spokesperson, FCO's permission is needed as Satyam has been listed on NYSE Euronext.
 
Satyam has also received ‘in-principle’ approvals from Bombay Stock Exchange Limited  and National Stock Exchange of India Limited for the issuance of 302.76 million equity shares ('initial shares') of Rs 2 each at a premium of Rs 56 per share to Venturbay Consultants on a preferential basis. Upon allotment of the shares, Satyam will seek the approval of the BSE and NSE for listing and trading of the initial shares, the company stated in a press release on Friday.

Satyam already received the final approval from the Securities and Exchange Board of India (Sebi) for the company's takeover. Sebi sent two letters to Satyam granting certain exemptions from its Takeover Regulations to select an investor. 

Satyam, Tech Mahindra and Venturbay Consultants entered into a share subscription agreement for acquisition of 31 per cent share capital of Satyam. Following this, Tech Mahindra is required to make a public offer to acquire 20 per cent of the enhanced share capital of Satyam at a minimum price of Rs 58 per share.

Satyam had earlier announced that  Euronext Amsterdam NV approved the company's application for delisting its American Depository Shares (ADS) from the NYSE Euronext. The ADS would be delisted and trading in the ADS would no longer be possible on Euronext Amsterdam with effect from May 20.
The company said that the mandatory cash tender offer by Venturbay Consultants would be now open for participation by investors holding their ADS through Euroclear Nederland (ECN holders).

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Wall Street up on Greece, but gains seen limited - FII-TO-FII: Pantaloon traded at 7% premium - Civic polls: Saffron alliance retains Mumbai, Thane - MCX awaits trading rules in commodity options, indices - Govt to provide incentives for electronic chip manufacturing

Tags : Satyam Coomputer Services | Federal Cartel Office | Germany   Read Business news in  Advertisements -  Now property search gets more exciting than ever before! -  High Growth Business Opportunities in Africa - Register to explore -  Medium-sized businesses are the engines of a smarter planet. -  Save over Rs.3000 with IndianOil Citibank Card -  India's No. 1 Property Site. Click here to know more.. -  Get 5% cashback on telephone bills with Citi -  Diseases earlier, Saving Costs, Extending Lives. Know More.. -  Enjoy the journey as much as the destination. click to know more.. -  Exim Bank Conclave on India - Africa Project Partnership. Know more.. -  Creating Wealth made simple the SIP way. Know more.. -  Only Developer to give a guarantee on time space & rate. -  Office 365 for professionals and small businesses. -  Buy Your Property with Our Triple Guarantee in India. -  Improve Patient Care & Experience. Click here to know more -  Win a Business Class Ticket to Europe..Know more.. -   Introduce a New Automotive Luxury Car.. know more