- 10:42 PM Are stricter rules for MF advertisements on anvil?
- 10:31 PM NSE to launch new MF service system on Nov 30
- 10:16 PM India indispensable to America's future: Barack Ob...
- 10:00 PM Subir Gokarn’s agenda:Stimulus exit not to hit eco...
- 09:16 PM Worst over for India auto companies: Anand Mahindr...
- 08:52 PM Edelweiss, Tokio Marine ink insurance JV
- 08:42 PM Aviation biz to contribute 5% to rev in 3-5 years:...
- 08:24 PM Inflow of money will not help curb inflation: Bima...
- 07:17 PM MphasiS Q4 cons net profit up 33.9% at Rs 245 cr
- 06:59 PM Immediate supports for rupee at 46.20/46.10: Commt...



Remember it's never done till it's actually done - it looks like the Hutch-Vodafone deal is about to taste the proverbial slip between cup and lip. CNBC-TV18 reports that's because Essar continues to hold the ROFR sword on Hutch's head.
Will Essar play party pooper to India's biggest deal? The Ruias continue to insist that they have a right of first refusal on Hutch's stake, no matter who the buyer. And if Essar fails to reach a mutually acceptable agreement with Vodafone, it will not hesitate to exercise the right or drag the matter to court. Not surprisingly, Hutch has a very different stand on the matter.
"I think the case is really for Essar because apparently, there is no first right of refusal clause in our shareholders' agreement in terms of selling assets to a company like Vodafone. We cannot stop people from doing what they think is the right thing to do. But we think it is not a reasonable or sensible thing to do because it is not protected by the law. And as a matter of fact, Essar was a bidder but their bid was not the highest so they were not chosen," says Dennis Lui, CEO, HTIL.
It's not that Vodafone was definitely the highest bidder - rumour has it that Hindujas topped, but Hutch won't comment on that. All it said was that the bid was awarded on the basis of the bidders ability to conclude the deal and availability of funds.
Hutch also pointed out that Essar was offered the opportunity to match Vodafone's bid - which it then turned down. Now Hutch says only two sets of approvals hold back the deal with Vodafone - shareholders approval and regulatory clearances. That is expected to take at the most 4 months. As for the matter of BPL's Mumbai circle - Hutch says it has nothing more to do with it as it has sold its stake in Hutch Essar.
|
|
Business
Business News | Economy | Earnings | BSE NSE Notices
General News
Current Affairs | Politics | World News | Sports | Entertainment
Corporate Strategy
Management | Advertising | Marketing | Legal
Personal Finance
Tax | Insurance | Credit Cards | Loans | Property | Retirement | Investment Help | Financial Planning | Fixed Income
Markets
Local Market | Global Market | Market Cues | Analysis | Expert & FII outlook | Brokerage Recomendation
Stocks
Stocks in News | Expert Advice | ADRs & GDRs | IPO
Mutual Funds
News | Advice | MF Analysis | Fund Managers Views
Lifestyle
Travel | Wellness | Technology | Auto| Books
-
Most Read
-
Most Viewed
- 10 Companies that FIIs love
- 10 companies that MF managers love
- Mitesh Thacker's top 5 picks for trade today

- Ganeshaspeaks: Market prediction for Nov 24
- Will ITC dream run continue beyond FY10?

- Den Networks slips 22% after listing at Rs 195
- Trading in MF units to start in 15 days: SEBI

- Why LyondellBasell is a goldmine for RIL

- Experts see mkts at new highs, advise sectors

- Corrections in '10 to be more aggressive, violent: JPMorgan

- Mahindra may increase car prices due to rising input costs
Source: Business Line
- Renault to continue with M&M for Logan, says Ghosn
Source: Business Line
- Market volatility poses valuation problems: IRDA
Source: Business Line
- Punjab, Haryana buck all-India rice decline trend
Source: Business Line










