Corporate Action

Morgan Stanley to buy Citigroup's remaining stake in wealth-management JV

Morgan Stanley to buy Citigroup's remaining stake in wealth-management JVMorgan Stanley has confirmed that it would acquire the remaining 35 stake of its wealth-management joint venture (JV) from Citigroup Inc. by the end of June.

The two banks had set up the wealth-management JV 2009. The deal started during the global financial crisis in a bid to stabilize both banks. 

For the remaining 35 per cent stake, Morgan Stanley will pay $4.7 billion to Citigroup. In addition, it will pay nearly $2 billion to redeem preferred securities of Citigroup.

Yes Bank faces internal strife at AGM

Yes Bank faces internal strife at AGMYes bank is facing an internal strife at the ongoing Annual General Meeting on Saturday between the two promoters of the bank, the Kapur family and Rana Kapoor, the current managing director.

The Kapur family and some of the shareholders are opposing a resolution for electing three directors proposed by the present management led by Rana Kapoor. A shareholder said that the resolution was put to vote as some of the shareholders demanded that it should be put to vote at the AGM hold on sunday.

India and Russia have finalised the Russian PAKFA aircraft

Sukhoi-T50 fighter aircraftA Sukhoi-T50 fighter aircraft, the Russian PAKFA aircraft has been finalized by India and Russia as the base design model for their $6 billion Fifth Generation Fighter Aircraft (FGFA) programme.

This deal does not indicate that India’s prospects of joining American F-35 fifth generation fighter programme come to an end. India has to select 126 Medium weight Multi Role Combat Aircraft (MMRCAs) with a budget of $10 billion.

Bharat Forge and KPIT Cummins join hands

Bharat Forge and KPIT Cummins join handsIn a deal announced recently, the world witnessed two giants in their space coming together to launch a plug-in hybrid technology named Revolvo in the Indian market. While the technology is being jointly developed by Bharat Forge and KPIT Cummins, it is believed that the will hit the Indian market in a matter of the next six months.

Notably, the technology has the potential to revolutionise the use of the hybrids cars in the Indian market.

Microsoft and Nokia join hands to launch communicator smartphone

Microsoft and Nokia join hands to launch communicator smartphoneMicrosoft in accordance with the partnership announcement with Nokia dating back to last year would soon be releasing the Microsoft Communicator Mobile for Nokia.

It was earlier thought to be an alliance that will have Microsoft port its Office Suite, the mobile version of it, to Nokia's Symbian smartphones but, the latest news confirms that it will be having the new version aka the Microsoft Communicator Mobile for Nokia.

Axis Bank and Max New York Life enter into a strategic tie-up

Axis Bank and Max New York Life enter into a strategic tie-upOne of the leading players in the Indian insurance business, Max New York Life Insurance and the third largest bank in industry, Axis Bank today entered into a strategic tie-up for 10 years under which Max New York Life will provide customized life insurance solutions to customers via the bank's vast network.

The deal will be in effect from today i. e. May 3, 2010 and is expecting to serve 20 lakh customers in 5 years through the over 1000 branches of Axis Bank spread across over 650 cities in the Indian market.

Hind National Glass enters joint venture with Belgium based company

Hind National Glass enters joint venture with Belgium based companyHindusthan National Glass & Industries (HNGI) Ltd has announced that the company is going to tie up with a company from Belgium. As per the senior officers of HNGI, there will be joint venture with Belgium-based OMCO International.

Both the companied have decided to set up two glass mould manufacturing facilities in India. They have selected Puducherry and Bahadurgarh, Uttar Pradesh for the operation of these two facilities. Apart from that there will be 50:50 joint venture between these two companies.

Bata to get Rs 100 crore for township venture

Bata to get Rs 100 crore for township ventureIndia's one of the oldest company Bata India Ltd. has informed that it will entre in to a joint venture with Riverbank Developers Private Ltd. The company will receive Rs 100 crore towards upfront payment and 6.4 lakh per square feet for the upcoming project of the company. It has to build up area for a township development. The joint venture will be 50:50 between theses two companies.

The Bata India Ltd. has also announced it's forth quarter financial results. In this publication, it has mention about this restructured agreement that is going to happen soon.

NTPC-NPCIL sign a JV agreement

NTPC-NPCIL sign a JV agreementThe Nuclear Power Corporation of India Limited (NPCIL) and National Thermal Power Corporation of India (NTPC) have entered into a joint venture agreement (JVA) to set up nuclear power projects in the country. The agreement was signed by Chairman and Managing Director of NPCIL Mr. S. K. Jain and R. S. Sharma, Chairman and Managing Director, NTPC.

Acrux and Eli Lily sign deal to sell testosterone solution

Acrux-EliLilly-LogoAcrux Ltd. and US-based Eli Lilly and Company have signed a license agreement. As per these Acrux will be make a testosterone solution and Eli Lily would be commercializing it. The name of the solution is Axiron.

The medicine will be used in treating men who suffer from low level of testosterone.

Under the license, Eli Lily will have the exclusive rights to sell the drug worldwide. And Acrux will receive an upfront payment of $50 million and another $3 million for transfer of manufacturing equipments.

Macmahon, Leighton JV gets $463 million contract

Macmahon, Leighton JV gets $463 million contractThe joint venture between Leighton Holdings's Asia unit and Macmahon Holdings, has won a contract worth $463 million.

The company has to build tunnels and ventilation buildings for the Hong Kong Express rail link. It would cover the Tse Uk Tsuen to Shek Yam section of the Guangzhou - Shenzhen - Hong Kong Express Rail Link (XRL).

The contract is for the construction of link which would be 7.6 kms. twin-track tunnel and the ventilation buildings will be made with 90-meter deep shaft.

Work on the project will start very soon and should get over by 2015.

New alliance between Motorola and Microsoft

Motorola-Microsoft-LogoMotorola Inc. has informed that fresh features like search and map will be soon available in Motorola's new smart phones. The company has confirmed that the alliance between Motorola and Microsoft on this software is through. The new application will be provided to its users very soon.

The company is expecting to launch the new offer in China in this quarter itself. Motorola has anticipated that its customers will receive a better mobile experience by these Android-based devices. They can use the company's search and map functions any time they need.

Diamond Foods to acquire Kettle for $615 million

Diamond-foods-Kettle-Foods-LogoDiamond Foods Inc. announced on Thursday that the company will acquire Kettle Foods, the maker of Kettle potato chips, from Lion Capital LLP for $615 million. By this acquisition, the company expects to get a bigger market share in the premium potato chips market.

"Diamond and Kettle Foods share a history of relentless focus on flavor and product quality and working collaboratively with our retail partners," said Michael Mendes, chairman, president and CEO of Diamond Foods. "By adding Kettle, our snack business will have greater scale."

Conoco, Origin JV to sell gas to BG’s rival

Conoco, Origin JV to sell gas to BG’s rivalConocoPhilips and Origin Energy's JV will be selling feed gas to BG Group's rival gas project. The gas will be sold to a liquefied natural gas project (LNG), which will be the first of its kind in Australia.

No other details were made available by any of the companies.

The announcement of the deal was made public during a result briefing. Talking about it, the Chief Executive of Origin, Grant King said that the discussions were still going on with other LNG players.

Hutchison claims merger with Vodafone successful; back in the market

Hutchison TelecommunicationsHutchison Telecommunications (Australia) Ltd (HTA) has claimed that its merger with Vodafone Australia has been a great success. HTA has reported a profit of $467.7 million for the year and has given all the credit to the merging of the two telecom giants.

The merger was completed in June, 2009 after which a new entity Vodafone Hutchison Australia (VHA) was formed. This had an equal partnership of both the companies.

Yahoo will use Nector’s database for targeted ads

Yahoo will use Nector’s database for targeted adsYahoo Inc and Sainsbury have signed a deal in which Yahoo will use customer data from Nectar loyalty card scheme of Sainsbury. Yahoo plans to offer online advertisers the opportunity to target consumers according to the purchases they have made using their Nectar card.

Sainsbury is the third largest supermarket brand in the UK. Both companies have combined their data in a bid to get FMCG brands to spend more online.

Ashok Leyland’s JV, Asley Alteams launched

Ashok-Leyland-LogoAshok Leyland and a Finnish company have launched a joint venture named Ashley Alteams. The 50:50 JV came to life in Cheyyar, near Kanchipuram in Tamil Nadu.

The Finnish company is a light cast metal component maker and the JV will be producing aluminium high pressure die cast components.

The clientele of Ashley Alteams will include big names like Nokia Siemens Network, Knorr Bremse and Cummins and Ericsson. It would also supply parts to Ashok Leyland.

Birla Sun Life to distribute MF through BoI

Birla-Sun-LifeBirla Sun Life and the Bank of India (BoI) have signed a Memorandum of Agreement, for distribution of MF schemes. As per the agreement, the public-sector bank would become the distribution partner for selling Birla's mutual fund.

After this deal, Birla will be using all the 3,100 branches of BoI for selling its products, said a press release by Birla Sun Life.

Amazon.com decides to re-shelf Macmillan books for direct sale

Amazon.com decides to re-shelf Macmillan books for direct saleAmazon. com Incorporation, the America based e-commerce company, has decided to go back on selling the e-books by Macmillian authors. The company has been halting the direct sale of the books published by Macmillion a week ago.

In usual practice, Amazon. com sets the prices of the e-books it displays for sale and this caused disputes with the Lagardere SCA's Hachette Book Group, which in order induced Amazon. com to halt the sale of Macmillion books.

Vodafone and BlackBerry take smartphones to the next level with Bold 9700

Vodafone and BlackBerry take smartphones to the next level with Bold 9700Vodafone New Zealand is optimistic for the new BlackBerry Bold 9700 to get popular with businesses and high powered executives, just like its predecessor.

The company's 900MHz extended 3G network supports the BlackBerry Bold 9700. Vodafone's 3G Extend network that operates in 97% of the places New Zealanders live work and play, switches over automatically to the 2G network if 3G be unavailable.




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