L&T CEO calls Mindtree takeover 'pyaar, not war'; says Siddhartha made move

L&T MD and CEO says the deal 'protects Mindtree against hostile takeover' and someone else would have moved if L&T didn't

Larsen & Toubro MD and CEO S N Subrahmanyan on Tuesday said that V G Siddhartha approached the construction major to sell his stake in Mindtree. He said the deal shouldn't be seen as hostile as it's "pyaar, not war and protects Mindtree against hostile takeover" as someone else would have moved if L&T didn't.

On Monday, L&T made a bid at hostile takeover of the multinational information technology and outsourcing company headquartered in Bengaluru by buying Siddhartha's stake and offering shareholders Rs 980 apiece via an open offer.

Mindtree on Tuesday came out with a scathing condemnation saying: "The