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SAT overrules Sebi on Areva open offer

The Securities Appellate Tribunal (SAT) today set aside a Sebi order asking the Alstom Holdings and Schneider Electric consortium to revise the open offer price for shareholders of Areva T&D India. In its order, SAT said it was clear from the press releases of November 30, 2009, of the consortium and the seller that “no agreement was reached between the two on that date and the parties in fact only agreed to negotiate in an exclusive manner in order to reach a final agreement for the proposed sale”. The move, according to SAT, was not an announcement of the global acquisition ...