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Manipal-TGP Revises Offer For Fortis et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
May 7, 2018 12:23 PM 2 min read
Editorial

End of Day Wrap-up (Monday / May 07, 2018) #crudeoil #US #Iran #Fortis #Softbank #Flipkart #Patanjali #RuchiSoya #Nestle #Startbucks #China #Transfin

Editor's comment: Crude oil crosses $70 per barrel for first time since Nov 2014 on fears of US re-imposition of sanctions on Iran close to May 12 deadline. USD/INR hits 67 mark, a 15m low, on the back of crude oil pressures and equity and bond market sell-off by foreign portfolio investors.

 

Manipal-TPG revises offer at INR160 per share to acquire Fortis resulting in valuation of INR8,358cr. Board to decide on May 10. 

 

Softbank may retain its stake in Flipkart for 1 year to avoid a large tax liability. Flipkart turns into private holdco in preparation of the buy-out.  

 

Patanjali emerges as top bidder to acquire Ruchi Soya with a INR4,000cr-INR4,500cr consideration. Patanjali's bid is higher than Adani Wilmar, Godrej Agrovet and Emami. Ruchi Soya is currently undergoing bankruptcy proceedings in NCLT and holds INR12,000cr of debt. 

 

Nestle to pay Starbucks $7.15bn upfront in cash for the rights to sell the coffee giant's products in retail and food-service channels. Nestle to use Starbucks brand in its Nespresso and Dolce Gusto capsule systems next year. Starbucks to accelerate share buy-backs with the proceeds, in total amounting to $20bn till 2020. 

 

China's Syngenta AG's is racing to develop new gene-editing technologies in plants. US academics, companies, and farmers worried this may swing agricultural science from the US Farm Belt to China.