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’Snap news
Breaking pre-market news on Monday,
- India’s GTL cancels tower merger plan with Reliance – via Reuters.
- France Telecom’s Polish unit hit with €396m fine — statement.
- Clapham House Group says offer talks still ongoing — statement.
India probes UBS accounts
A near-record fine imposed on UBS, the Swiss bank, by UK regulators is part of an unfolding investigation into the past management of Indian private banking accounts, including two linked to the tycoon Anil Ambani,
Spielberg’s Dreamworks raises $825m
Stephen Spielberg on Monday announced the completion of a hard-fought $825m fundraising which will relaunch his DreamWorks studio as an independent venture, with the biggest contribution – $325m - coming from Reliance Group,
Not just a refinery, a super refinery
In case you may have missed it, there’s a big new kid on the refining block – Reliance Petroleum and its Jamnagar refinery. At peak production the site will be capable of processing a whopping 580,000 barrels per day making it the world’s biggest refinery complex.
Fresh Ambani dispute threatens MTN deal
The corporate sparring between India’s Ambani brothers intensified yesterday after arbitration proceedings were started against Reliance Communications, a move that could derail the company’s proposed tie-up with South Africa’s MTN.
Reliance eyes private equity tie-up
Anil Ambani, the billionaire Indian industrialist, is considering linking up with private equity groups on his bid to gain a powerful foothold in South African mobile operator MTN. Private equity groups have expressed interest in supporting Ambani’s plan to swap all or most of his majority stake in his Indian company,
Ambani’s MTN control trick
Indian billionaire Anil Ambani is ready to pay a “significant premium” to win effective boardroom control of MTN in the complex merger plan currently being negotiated by the South African mobile telecom group and Mr Ambani’s Reliance Communications,
MTN plans reverse takeover of Reliance
South Africa’s MTN is considering a reverse takeover of India’s Reliance Communications as part of talks to combine the pair and create an emerging markets telecoms giant. The proposal would follow the same structure as one abruptly rejected at the weekend by Bharti Airtel,
Indian takeover of Capgemini reportedly discussed
French IT group Capgemini has held “early-stage” takeover talks with India’s Reliance Communications, part of Anil Ambani’s Reliance ADAG group, according to the Times. Initial discussions failed to make progress after the parties could not agree on price,
Saudis line up bid for GE plastics division
In a move that underlines the appetite of Gulf state investment funds for investments outside home markets, Saudi Basic Industries Corporation, the largest public company in the Middle East, is preparing a bid for General Electric’s plastics division in a deal that could be valued at up to $12bn.
India’s Reliance eyes Carrefour stake
Reliance Industries is looking to buy a stake in France’s Carrefour in a move that would catapult India’s largest private sector group into the ranks of the world’s top retailers. Reliance was looking at the possibility of buying the 13 per cent stake held by the Halley family,
Vodafone victory in Hutchison Essar fight
Vodafone won the fiercely contested battle for control of Hutchison Essar on Sunday night, in a deal valuing India’s fourth largest mobile operator at almost $19bn. It will be the single largest foreign investment in India’s history.
Another route to Hutchinson Essar?
With numerous buyers jostling for control of India’s Hutchinson Essar, it might be wise to have a plan B. The Wall Street Journal reports that rival bidders Vodafone and Reliance Communications are considering an alternative plan:
Reliance mulling London IPO of Flag Telecom unit
India’s Reliance Communications is considering a London listing of its Flag Telecom undersea cable business, in an offering that could raise more than $500m. According to people familiar with the situation,
Reliance vows to take all steps necessary to grab Hutch Essar
The board of Reliance Communications yesterday vowed to “take all steps necessary” to secure control of mobile operator Hutchison Essar, as Vodafone met government officials in New Delhi. Reliance said if necessary those steps would include “raising long-term resources in the form of external commercial borrowings”.
Essar banks to examine bid for mobile group
The banks that will help finance Essar’s offer for mobile phone joint venture Hutchison Essar plan to start due diligence this week, people familiar with the matter said. The “confirmatory” due diligence comes as some Vodafone investors are growing concerned about a possible bidding war for Hutchison Essar in which the UK mobile group could breach its financial criteria for deals.
Vodafone to start due diligence on Hutchison Essar
Vodafone will start due diligence today on a potential $18bn-$19bn offer for India’s Hutchison Essar.
The UK group has appointed Ernst & Young to help it scrutinise Hutchison Essar’s books,
Hinduja Group joins tussle for Hutchison Essar
The battle for control of Hutchison Essar intensified yesterday as Hinduja Group said it was interested in taking a large stake in India’s fourth-largest mobile phone operator. Hinduja joins the fray in a potential bidding war for the 67 per cent put on the block by Hutchison Whampoa.
Essar rights tangle complicates Vodafone bid
Vodafone’s hopes of taking over Hutchison Essar could be complicated by a dispute over pre-emption rights between Hong Kong’s Hutchison and India’s Essar, which own the mobile phone joint venture.
Hutchison magic returns in Indian feeding frenzy
After its mishap with 3G in Europe, Hutchison Whampoa, which helped build the iconic mobile operator Orange, is regaining its reputation for alchemy in the telecoms sector, Lex believes. The auction of its 67 per cent stake in India’s fourth biggest operator,
Blow for Vodafone’s India plan as Essar ties up financing
India’s Essar group is understood to have tied up financing for a possible bid for the two thirds of Hutchison Essar it does not own. The move underscores Essar’s potential as a serious bidder for Hutchison Telecommunications International’s 67 per cent stake in their Indian mobile joint venture – an outcome that would be bad news for rival bidders Vodafone and Reliance Communications.