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Weekly Finance and economic News

Weekly Finance and economic News

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Weekly newsletter Document Transcript

  • 1. 1Top HeadlinesApollo Tyres to buy NYSE-listed Cooper Tire for $2.5B inyears largest M&A deal.Twilight Litika to sell manufacturing unit to Herbalife for$3.5M.SEBI seeks details on board meet which brought NarayanaMurthy back as Infy chairman.Aditya Birla Group, Coal India among suitors for $3.2B RioTintos coal assets.GMR Airports acquires 17.03% stake in Delhi Duty FreeServices.Norwest Venture Partners to invest $10.4M in cold chainlogistics firm Snowman.Eredene sells 6.8% stake in port management firm OceanSparkle to Infrastructure India Holdings Fund for $12.9M.US-based OpenTable acquires mobile payments startupJustChalo for $11M.Inflation eases to 4.7% in May but rate cut could beelusive.HDFC plans to raise $173M via commercial paper.Inside The StoryApollo Tyres to buy NYSE-listed Cooper Tire for $2.5B inyears largest M&A deal.Apollo Tyres Ltd has said it will acquire New York Stock Exchange-listed Cooper Tire &Rubber Company for $2.5 billion (Rs 14,500 crore) in an all-cash deal. In what isapparently the companys most ambitious move, Apollo Tyres is going to buy a firm overthree times its size in terms of market capitalisation and more than double in terms ofsales.The transaction will be this year’s largest merger & acquisition deal involving anIndian company, after Mylan acquired Strides Arcolab’s generic injectables unit Agila for$1.6 billion in February
  • 2. 2Twilight Litika to sell manufacturing unit to Herbalife for$3.5M.Twilight Litaka Pharma Ltd (TLP) is looking to sell its manufacturing unit located atBaddi in Solan district in Himachal Pradesh, to Herbalife International India Pvt Ltd, asubsidiary of US-based Herbalife International, for Rs 20 crore ($3.45 million).Herbalifeis a nutrition and weight-management company which is operating in 66 countriesthrough a network of over 1.8 million distributors.The firm has also sought approval foreither selling or jointly developing real estate assets in Pune for at least Rs 27 crore. Thedeals are part of the companys plans to cut debt through sale of non-core assets.SEBI seeks details on board meet which brought NarayanaMurthy back as Infy chairman.The Securities and Exchange Board of India (SEBI) has sought details from Infosys,Indias No. 2 software services exporter, about a board meeting held on the day founderN.R. Narayana Murthy was re-appointed to an executive role in the company.Infosys didnot disclose the nature of the information sought by the SEBI.Market regulator SEBIroutinely seeks clarifications from listed companies without citing reasons, and therequests for information are not necessarily an indication of an official investigation.Aditya Birla Group, Coal India among suitors for $3.2B RioTintos coal assets.Aditya Birla Group, Coal India Ltd and Chinas state-owned Shenhua Group Corp Ltd areamong companies considering bids for some of Rio Tinto Ltds Australian coal assets,valued at an estimated $3.2 billion, people familiar with the matter told Reuters.RioTinto, led by new chief executive Sam Walsh, is offloading a string of assets to help cutits $26 billion in debt and protect its single-A credit rating. It is also looking to cut itsexposure to the coal industry, which has been squeezed by surging costs and a 30 per centslump in prices since early 2012.This has given potential suitors the opportunity to bulkup on good quality coal assets and secure supply agreements.GMR Airports acquires 17.03% stake in Delhi Duty FreeServices.GMR Airports Ltd, a subsidiary of GMR Infrastructure Ltd, has acquired a 17.03 per centstake in Delhi Duty Free Services Pvt Ltd for an undisclosed amount, as per a stockmarket disclosure.Delhi Duty Free Services operates, maintains and manages duty freeoutlets at Indira Gandhi International Airport (IGI Airport), New Delhi, under concessionfrom Delhi International Airport Pvt Ltd (DIAL) which holds 49.9 per cent in the
  • 3. 3company; 33.07 per cent stake is held by Yalorvin Ltd, a subsidiary of Aer RiantaInternational cpt (ARI).Norwest Venture Partners to invest $10.4M in cold chainlogistics firm Snowman.Venture and growth capital investor Norwest Venture Partners is picking up 14 per centstake in the cold chain services firm Snowman Logistics Ltd for Rs 60 crore ($10.4million) through a fresh issue of shares. The investment is a play on the domesticconsumption story for Norwest, a Silicon Valley-headquartered multi-stage investmentfirm that manages more than $3.7 billion in capital.The deal is expected to valueSnowman, a subsidiary of the BSE-listed Gateway Distriparks Ltd, at Rs 420-430 crore.Shares of Gateway Distriparks closed at Rs 116.5, up 0.43 per cent on the BSE on Friday.Eredene sells 6.8% stake in port management firm OceanSparkle to Infrastructure India Holdings Fund for $12.9M.AIM-listed investor Eredene Capital Plc has exited its investment in port operations andmarine services provider Ocean Sparkle Ltd (OSL) for £8.2 million ($12.9 million or Rs75 crore), as per a company statement.The stake was acquired by Mauritius-basedInfrastructure India Holdings Fund LLC, a fund managed by Kris Fund Management.Kaup Capital was the advisor to Kris Fund Management. Eredene is expected to sell itsstake at around Rs 75 crore and by June, the deal is expected to be closed with an existinginvestor in the company. Earlier, it was also in talks with another existing investor,Standard Chartered Private Equity, for the transaction.US-based OpenTable acquires mobile payments startupJustChalo for $11MThe US-based online restaurant reservations firm OpenTable Inc has acquired Mumbaiand Silicon Valley-based mobile payments startup JustChalo, run by JustChaloTechnologies and JustChalo Inc, for around $11 million.“Mobile is increasinglyimportant to our business and the JustChalo team’s expertise will help accelerate ourdevelopment efforts in this area. We are looking forward to integrating JustChalo’sengineers into our team and continuing to enhance the mobile experience for diners andour restaurant customers,” said Joseph Essas, CTO of OpenTable in a statement.In thefirst quarter of 2013, reservations booked on mobile devices accounted for 36 per cent ofthe 34 million diners OpenTable seated in North America, as per its statement.
  • 4. 4Inflation eases to 4.7% in May but rate cut could beelusive.The headline inflation slowed for a fourth straight month in May to 4.7 per cent from ayear earlier, but a slump in the rupee is likely to prevent the RBI from lowering policyrates on Monday despite the economy slowing to a decade-low level.Mays reading, thelowest in more than three years, was less than the 4.87 per cent estimated by analysts in aReuters poll. The wholesale price index, Indias main inflation measure, rose an annual4.89 per cent in April.The reading for March was revised to 5.65 per cent from 5.96 percent, data released by the Ministry of Commerce and Industry on Friday showed.HDFC plans to raise $173M via commercial paper.Housing Development Finance Corp. is planning to raise Rs 10 billion ($173.10 million)through 364-day commercial papers yielding 8.80%.The firm has directly placed thepapers with mutual funds, said the sources