M&M up on takeover buzz

DALAL STREET SPIKES

Automaker Mahindra and Mahindra (M&M) vaulted by 7.76 per cent to end at Rs 674.20 a share on reports that it was planning to take over ¤200 million Belgian gear maker VCST. Now, M&M may no longer pursue Metalcastello, the Italian small gear company it was earlier negotiating for.

M&M is also reportedly talking to another big-ticket gear maker in Europe for a strategic partnership. The plan is to set up a gear business worth ¤400 million in Europe. A total of 39,315 shares changed hands at the BSE.