Page 3 - Merger

Merger pains: Air India announces VRS scheme for permanent ground staff

Sources stated that approximately 500-600 employees, out of a total of 18,000 from the two carriers, are expected to be retired or separated

Air India-Vistara mega-merger likely to impact around 600 non-flying staff

Around 600 non-flying staff of Air India and Vistara are likely to be impacted by the two airlines' mega-merger, and efforts will be made to provide job opportunities to the affected employees within Air India group and Tata companies, sources said on Wednesday. Tata Group-owned loss-making full-service carriers -- Air India and Vistara -- together have more than 23,000 employees. Sources in the know told PTI that the merger is expected to impact around 600 employees from the two airlines. Efforts will be made to provide employment opportunities for the affected people at Air India as well as the Tata groups. Those who cannot be accommodated in both groups will be provided a voluntary separation scheme package, they added. Further, the sources said the process is still progressing and the exact number of impacted staff will be known after completion of the merger, which is expected in late September or early October. There was no comment from Air India. The fitment exercise -- wh

Paramount Global, Skydance Media merger agreement ends Redstone era

Skydance will subsequently merge with Paramount, offering $4.5 billion in cash or stock to shareholders and providing an additional $1.5 billion for Paramount's balance sheet

Sun Pharma completes Taro merger, acquires all outstanding shares

New York headquartered Taro has operations in the US, Canada, Israel, and Japan with manufacturing facilities in Canada (Brampton) and Israel (Haifa)

Adani Group may merge all cement assets under single entity: Jefferies

Executives from Adani Cement told Jefferies they are exploring plans for consolidating all cement companies in the medium term

NCLT approves merger of full-service carriers Vistara with rival Air India

The merger, first announced in November 2022, will include Vistara, which is 49 per cent owned by Singapore Airlines being absorbed into Air India

Stock exchange BSE calls off merger of Gift City unit with rival NSE

Talks fall through over disagreements over the swap ratio

Merger with Vistara may be completed by December, says Air India CEO

Vistara, a joint venture between Singapore Airlines and Tata Group with a ratio of 51:49, is currently undergoing a merger with Air India to create a unified full-service carrier

Air India, Vistara CEOs to address staff about proposed merger on May 13

The chiefs of Air India and Vistara will address staff on May 13 on the proposed merger of the two airlines, according to officials. The merger of Vistara with Air India under a deal, wherein Singapore Airlines will acquire a 25.1 per cent stake in Air India, was announced in November 2022. Vistara is a joint venture between Singapore Airlines and Tata Group. The townhall meeting will be held in the phygital mode and employees from Air India and Vistara will be present. The meeting will be addressed by Air India CEO and MD Campbell Wilson and Vistara CEO Vinod Kannan, one of the officials said on Friday. Kannan is also the Chief Integration Officer for the proposed merger. One of the officials said the meeting is expected to focus on the broad aspects and help provide an overall picture about the merger to the staff. Air India has around 17,000 people and Vistara has about 6,500 employees. "We expect to complete merger in a smooth manner," Kannan told PTI on April 5. The merger

Piramal Enterprises to merge with unlisted housing finance arm for listing

The main reasons behind this merger with Piramal Capital & Housing Finance are to simplify the group structure and provide shareholders with direct access to the entire lending business

Zee Entertainment should cut costs in profit pursuit, says panel

The committee has also advised halving the costs at Zee's technology and innovation centre in fiscal 2025, from the 6 billion rupees ($72 million) a year back, Zee said

Govt proposes exempting certain M&A deals from CCI approval requirement

The government has proposed exempting intra-group transactions and certain other mergers and acquisitions from the requirement of Competition Commission approval, a move that is likely to help in reducing the regulatory burden on the watchdog. Draft rules to exempt certain categories of combinations from the Competition Commission of India (CCI) approval requirement have been issued by the corporate affairs ministry. Vaibhav Choukse, Partner & Head - Competition Law at JSA Advocates & Solicitors, said the draft rules enlist certain kinds of M&A (Merger & Acquisition) transactions which will not require approval from the CCI. These include intra-group transactions, certain types of minority and creeping acquisitions, and rights issue as they will not have an impact on the competition in the market, he added. According to him, the rules will replace and modify the existing categories of M&A transactions that are exempt. The rules also modify the affiliate test ...

Zee president and group chief technology officer Nitin Mittal resigns

Zee Entertainment's president and group chief technology officer Nitin Mittal has resigned as the company streamlines the vertical. The board of the company has accepted the resignation of Mittal, who was working in this role for the last two years, it added. This announcement comes amid strategic changes in the technology and data vertical, implemented by managing director and CEO Punit Goenka, a ZEEL statement said. "The MD & CEO has accepted the resignation of Nitin Mittal," it added. Under the guidance of the Board and in line with the strategic approach undertaken by the MD and CEO, significant steps are being implemented to build a new lateral structure that lays a sharper emphasis on accountability and results," said ZEEL. This is the second major exit from ZEEL recently. Last week Rahul Johri, who was President - Business of ZEEL, and heading revenue and monetisation, resigned after a stint of over three years. Earlier this month, its Chairman R Gopalan in an investor ..

Aditya Birla Finance may merge with Aditya Birla Cap within next 12 months

This is the second instance of such a merger in the NBFC space. Earlier, Tata Capital Financial Services merged with its parent entity Tata Capital from January 1, 2024

AG&P Pratham, Think Gas Distribution to begin $1.1 billion merger

The I-Squared Capital-backed city gas distribution companies received approval for the merger from the European Commission in February and aims to enhance efficiency and up market competitiveness

MCA revises thresholds for mergers and amalgamation under Competition Act

Merger transactions with acquisition targets having assets under Rs 450 cr or turnover below Rs 1,250 cr are exempt from CCI approval

Different lanes

Tata Motors demerger will improve efficiency

Reliance-Disney merger likely to capture 50% of India's streaming market

Last month, Reliance agreed to acquire Disney's India business, creating an $8.5 billion media giant ranging from film and television production to news and sports content.

Intense merger activities impacted operations, business: ZEEL Chairman

Intense and prolonged merger-related activities have impacted operations and business, Zee Entertainment Chairman R Gopalan said adding the company has now taken several incremental steps to protect all stakeholders and enhance its intrinsic value through this phase. There is "significant room for performance enhancement" and a revival plan by the management team is already being put in action to accelerate growth and enhance profitability, said Gopalan in the opening remarks of an investor conference call of Zee Entertainment Enterprise Ltd (ZEEL) on Monday. The board has also decided to closely monitor the business model and plan presented by the MD & CEO of the company wherein he has provided the roadmap to improve the performance and efficiency of each of the businesses to achieve higher EBITDA. "We are fully cognizant that significant room for performance enhancement exists and a revival plan by the ZEEL management team is already being put in action to accelerate growth and .

JetBlue, Spirit terminate proposed $3.8 bn merger after court ruling

JetBlue and Spirit Airlines are ending their proposed USD 3.8 billion combination after a court ruling blocked their merger. JetBlue said on Monday that even though both companies still believe in the benefits of a combination, they felt they were unlikely to meet the required closing conditions before the July 24 deadline and mutually agreed that terminating the deal was the best decision for both. The Justice Department sued to block the merger last year, saying it would reduce competition and drive up fares, especially for travelers who depend on low-fare Spirit. In January, a federal district judge in Boston sided with the government and blocked the deal, saying it violated antitrust law. The airlines had appealed the ruling. The appeal hearing had been set for June.