Page 3 - Mergers And Acquisitions

NCLT recalls order on Zee-Sony merger, allows withdrawal of scheme

The National Company Law Tribunal (NCLT) has allowed withdrawal of its order approving the merger of Zee Entertainment and Sony Pictures Networks India and recalled its earlier order passed in this regard. The Mumbai bench of the NCLT had last week recalled its order passed on August 10, 2023, in which it had approved the merger of Zee Entertainment with Sony Pictures Networks India. The bench observed the parties have "mutually consented" to withdraw the scheme on account of the settlement agreement and the board of directors has passed the resolutions to withdraw the scheme of amalgamation. "Accordingly, this Bench allows the withdrawal of the Scheme of Amalgamation and hereby recalls order dated 10.08.2023 in C.P.(CAA) No. 209 of 2022," said NCLT order, a copy of which was shared to bourses by Zee on Thursday. Zee, which applied for withdrawal, submitted the Composite Scheme of the Merger Cooperation Agreement executed to give effect to this scheme stands terminated and accordin

New rules for mergers involving foreign firms announced: What this means

Latest amendments introduced by the Ministry of Corporate Affairs require companies to receive prior permission from the Reserve Bank of India for mergers and acquisitions

Blackstone close to $13.5 billion deal to acquire Australia's AirTrunk

A deal hasn't been finalized and terms could change as talks continue, the people said. Representatives for Blackstone, Macquarie and PSP declined to comment

Zee, Sony amicably settle disputes over failed merger, withdraw claims

ZEEL's stock price rose to Rs 154.9 per piece on NSE during the day and closed at Rs 150.9 per piece, which was still 10 per cent higher than the previous day's closing price

US oil, gas M&A activity rose 57% in 2023 as industry consolidated: Report

The jump in spending on dealmaking and expanding reserves marks a shift in strategy following a years-long focus on shareholder returns over growth, which many firms had employed

Adani-led Ambuja Cements completes acquisition of Penna Cement Industries

Ambuja Cements' board of directors had approved the acquisition of 100% stake in Penna Cement at an enterprise value of Rs 10,422 crore in June, expanding the firm's southern footprint

CCI to soon come out with changes to competition rules: Chairperson

Fair trade regulator CCI will shortly come out with changes to certain competition rules, including those related to green channel approvals for mergers and acquisitions. Speaking at a conference in the national capital, Competition Commission of India (CCI) Chairperson Ravneet Kaur on Friday said the regulator is focusing on advocacy efforts and capacity building. While mentioning about various activities being done by the CCI, she said, "We are going to shortly notify changes in competition rules". These include changes to rules pertaining to green channel approvals for mergers and acquisitions, and de minimas. De minimas relates to exemption thresholds for mergers and acquisitions that need clearance from the CCI. As part of boosting efforts to curb unfair business practices in the marketplace, amendments have also been made to the competition law. Kaur flagged dark patterns in the e-commerce space and algorithmic collusion. There are dark patterns and how they can influence

UltraTech Cement offers to acquire 31.6% in UAE-based RAK Cement Co

Aditya Birla group firm UltraTech Cement on Monday said it has made an offer to acquire a 31.6 per cent stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT). This would be done by UltraTech Cement Middle East Investments Ltd (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE. On April 15, UltraTech had informed that UCMEIL will invest in 29.39 per cent equity share capital of 'Ras al Khaimah Co. for White Cement and Construction Materials PSC' (RAKWCT), a company listed on the Abu Dhabi stock exchange. It had announced and investment of USD 101.10 million (around Rs 839.52 crore) for a 29.39 per cent equity that time. "We now write to inform you that UCMEIL has notified its intention of making a partial conditional cash offer for acquiring 158,049,610 shares, representing 31.6 per cent of the issued and paid-up share capital of RAKWCT," it said. This will be in accordance with Article 10 of the decision of the chairman of

Sebi's new guidelines on mkt rumour to help in fair pricing of M&A: Experts

Sebi's new guidelines for managing stock price impact arising from market rumours will ensure that the share price used in the merger and acquisition (M&A), buyback, and other transactions are not artificially influenced by speculative market activities, experts said on Wednesday. Market rumours pertaining to a company's business can create significant volatility in stock prices, often leading to transactions that don't reflect a company's true value. This market rumours could be related to anything, including exiting of top management, cancellation of an order and financial health. "Sebi's framework addresses this issue by establishing a mechanism to determine the unaffected price -- the price of a stock before the rumour surfaced. "This price would be used for transactions unless the rumour itself caused price fluctuations in subsequent trading days," Trivesh, Chief Operating Officer of Tradejini, said. In its circular on Tuesday, Sebi outlined the framework for calculating the

Market regulator Sebi offers shield against M&A stock price disruptions

Framework part of rumour verification norms that kick in from June 1; Industry awaited detailed rules

India leads Asia-Pacific region's M&A deals in Q1 2024: S&P Global

The number of deals closed in Q1 of 2023 is one more than the previous year

Value of mergers and acquisitions at lowest level in at least 76 months

With 98 deals, the total value of M&A stood at $1.8 billion. In the same month last year, the value was $8 billion across 204 deals

What makes engineering R&D space a target for mergers and acquisitions?

Infosys' acquisition of Germany-based in-tech is the 15th top deal so far

Alibaba offers to buy Cainiao stake for up to $3.75 bn as it drops IPO plan

In the Chinese e-commerce giant's latest u-turn of its restructuring plan, Alibaba, which holds a stake of around 64% in Cainiao, said it was offering to acquire the remaining stock

CCI approves Minda Corporation's proposed 8.79% stake purchase in Pricol

The Competition Commission of India (CCI) on Tuesday said it has approved Minda Corporation's proposed 8.79 per cent stake purchase in Pricol. Minda Corporation is in the business of manufacturing of auto components and caters to Original Equipment Manufacturers (OEMs) and Tier-1 in various segments in India. The proposed combination relates to an acquisition of up to 8.79 per cent (approx.) of the equity share capital of Pricol by Minda, according to a release. Pricol manufactures automobile components for OEMs, Tier-1 and replacement markets across India and globally. Deals beyond a certain threshold require approval from the regulator CCI.

A-I, Vistara merger in progress, awaiting approvals: Singapore Airlines

Singapore Airlines on Tuesday said the proposed merger of Air India and Vistara is in progress, and is awaiting foreign direct investment and other regulatory approvals. Vistara is a joint venture between Singapore Airlines and Tata Group. 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. While announcing its December quarter results, Singapore Airlines said the merger will bolster its presence in India, strengthen its multi-hub strategy, and allow it to continue participating directly in this large and fast-growing aviation market. "The proposed merger of Air India and Vistara is in progress, pending foreign direct investment and other regulatory approvals. When completed, it will give SIA (Singapore Airlines) a 25.1 per cent stake in an enlarged Air India Group with a significant presence in all key Indian airline market segments," the release said. In January, Vistara CEO

NCLT allows Tata Steel's proposal to withdraw merger with TRF Ltd

The NCLT has approved Tata Steel's proposal to withdraw merger with TRF Ltd, according to an exchange filing. On February 7, Tata Steel had said that its board has decided not to pursue the amalgamation of TRF Ltd, as the associate company is witnessing a turnaround in its business performance. "We would like to inform that the National Company Law Tribunal, Mumbai Bench (NCLT), vide its order dated February 8, 2024, has allowed the withdrawal of the scheme," the steel major said in the filing. Tata Steel had earlier announced the amalgamation of nine of its strategic businesses, including Tata Steel Long Products, Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining Ltd, S & T Mining Company. As per Tata Steel, TRF Ltd is in the business of undertaking turnkey projects of material handling for the infrastructure sector such as power and ports and the industrial sector such as steel plants, cement, fertilisers and mining. TRF is ...

Zee Entertainment reaches out to Sony to revive terminated merger

Zee Entertainment Enterprises Ltd (ZEEL) is seeking rapprochement with Sony Group as it makes a last-ditch effort to resurrect a USD 10 billion merger, according to industry sources. After the Japanese multinational firm pulled the plug on its USD 10 billion merger deal in January, the Indian company reached out again to Sony to reconsider the termination and offered for talks this month, a source said. On the other hand, Sony is understood to be evaluating the proposal from Zee. Comments from Sony Picture Networks India could not be obtained as an e-mailed query remained unanswered. A Zee spokesperson said, Since the matter is subjudice we have no comments to offer. Another source said ZEEL never stopped working for a possible reconciliation dialogue citing that it was ZEEL that moved to NCLT to make the merger happen. The ball is in Sony's court. They need to respond if the deal has to be revived, the source said. The development comes amidst the two parties filing cases again

72% fewer Indian fintech startups incorporated in 2023 than in 2021: Report

There have been around 30 acquisition deals in the Indian fintech space in 2023 and 20 out of these were done by large companies with over 1,000 employees or funding of over $50 million

Max Healthcare acquires Nagpur-based Alexis Hospital for Rs 412 crore

Max Healthcare Institute on Friday said it has acquired Nagpur-based Alexis Multi-Speciality Hospital Pvt Ltd for Rs 412 crore. The 200-bed hospital is set up on a land parcel of 2-acre at Mankapur, north of Nagpur. The facility has potential to increase its bed capacity from 200 operational beds to 340 beds after necessary regulatory approvals. "The acquisition of Alexis Hospital is in line with our vision to expand our footprint in tier-2 cities with abundance of clinical talent and developed private healthcare infrastructure," Max Healthcare Institute Chairman and Managing Director Abhay Soi said. Alexis Hospital acquisition will strengthen company's presence in Maharashtra region, he added. Shares of Max Healthcare were trading at a loss of 0.42 per cent at Rs 866.4 apiece on the BSE.