The Economic Times
22 May 2007
page 1
Sun phrama buys Taro for $454 million. Sun will pay $230 million to Taro shareholders and assume about $234 million of debt, whihc it will refinance at cheaper interest rates.
Last year, Dr Reddy;'s had bought out Germany's Betapham for $565 million in the largest overseas acquisition of a pharma company.
US based investment banking firm Greenhill & co, advised Sun pharma on the deal.
Page 8
Goldman Sachs group Inc teamed up with TPG Inc to buy Alltel Corp for about $24.7 billion in the largest leveraged buyout of a telecommunications company.
Hologic to take over Cytyc for $6.2 billion. Hologic said the deal would make it one of the largest companies in the world focused on advanced technology in women's health.
Sabic Basic Industries, based in Riyadh, Saudi Arabia, the world's biggest chemical company by market value, agreed to buy General Electric's plastics unit for $11.6 billion.
Terra firma to buy EMI for $4.7 billion.
Merrill to acquire stake in Goodman's GSO Hedge Fund. GSO Capital manages $8 billion and employs 115 people in New York, London, Houston and Los Angeles.
page 10
Sun Prama's found its shine in Taro acquisition. The valuation is at 1.5 times Taro's sales.Sun will fund the deal from proceeds of its foreign currency convertible bonds and internal acrruals.
Page 14
Sun Pharam to provide $45 m interim equity financing to Taro. the Israeli firm had begun takeover talks two months bnack following protracted losses and a deepening liquidity crunch. It had solicited offers from more than 20 potential bidders.
The deal however faces a challenge from minority shareholders. Franklin Advisers Inc. and Templeton Assets Management Ltd., whihc together own 9% of Taro, have filed a case in Tel Aviv seeking to prevent any transaction by Taro that could hurt minority shareholders.
Taro intends to contest the case vigorously as sun Pharma and Taro believe that the proceedings initiated by FRanklin and Templeton are without merit.
Kalpataru Power Transmission (KPTL) has acquired a 65% equity stake in Shree Shuham Logistics (SSL), a company engaged in warehousing activities in Rajastan
Page 20
Stanchart calls off bank of Bahrain deal. Stanchart had signed a nonbinding agreement with BBK in June 2005. They received an inprinciple approval from RBI. The bank signed a final agreement on February 28, 2006 and had approached the regulator. However, the central bank said that it would allow Stanchart to only takeover the busines and not the licences.
Mint 22 May 2007
Page 4
Sunphara to acquire Israel's Taro for $454 Mn
Page 5
UB Group begins integration exercise. UB has shifted two of its key officials Alok gupta and Ashok roy to Glasgow.Roy will be in charge of W&M's finances, while Gupta will look after marketing and brand operations United Spirits Great Britain Ltd., a 100% subsidiairy of United Spirits Ldt, acquired W&M in a leveraged buyout for which ICICI Bank and Citibank funded 635 million pound.
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