Friday, February 22, 2008
Mediacom’s turn to try and buy Madison
LN Mittal, Fallaron buy into Indiabulls power unit
Billionaire Mittal, who already owns 1.16% of Indiabulls Real, will buy 14.1 % through LNM India Ventures Ltd, while a unit of Farallon would hold 23.4% in Sophia Power Company
Mumbai: Steel magnate Lakshmi Mittal and hedge fund Farallon Capital Management have agreed to buy a total of 37.5 percent for about $400 million in a power unit of Indiabulls Real Estate, the Indian firm said on Friday.
merger and acquisition
Jaguar buy drives Tata Motors shareholders to exit holdings
Tata Motors Ltd’s pursuit of Ford Motor Co.’s Jaguar and Land Rover luxury units spurred A.S. Thiyaga Rajan to sell 99% of his shares in India’s biggest truckmaker. He isn’t alone in dumping the stock.
The Mumbai-based company is down 11% since 3 January, when it was named Ford’s preferred bidder. Holders such as Alliance Bernstein Japan Ltd and Waddell and Reed Financial Inc. sold their stakes after the overture for UK-based Jaguar and Land Rover was reported in July.
Investors are complaining that Tata Motors may not be able to spend enough in India, the second fastest growing major auto market behind China. The company should focus on the $2,500 (Rs100,000) Nano microcar, not $100,000 Jaguars, said Rajan, who manages $250 million at Singapore-based Aquarius Investment Advisors Pte.
“Integrating the acquisition isn’t going to be easy at all,” Rajan said. “I can’t see an iota of fit in this deal.” He wouldn’t disclose the size of his stake in Tata Motors, which he began accumulating five years ago.
Buying Land Rover and Jaguar may cost Tata Motors $1.7 billion, or four times 2007 earnings, and cut fiscal 2009 per-share profit by 42%, Merrill Lynch & Co. Inc. analyst S. Arun says. Morgan Stanley’s Balaji Jayaraman recommends selling the stock and says it may fall 11% in 12 months.
Tata Motors and Ford, the world’s third largest automaker, are in final talks on a deal to give the Indian company access to advanced engines and powertrains and control of two of the world’s best-known luxury brands after only 10 years of making cars.
‘Very satisfied’
“We are very satisfied with the progress of the discussions,” Tata Motors spokesperson Debasis Ray said, declining further comment.
While 18 analysts including Arun in a Bloomberg survey call Tata Motors a buy, the shares fell 18% in the 12 months ended on Wednesday, while India’s Sensex index rose 45%. Three analysts say to hold and two recommend selling.
The company “will face considerable execution and integration challenges” with Jaguar and Land Rover, said vice-president Elizabeth Allen of Moody’s Investors Service, which said on 4 January it may lower Tata Motors’ Ba1 debt rating. Standard & Poor’s also cited the deal in saying it may cut Tata from BB+.
Credit default swaps on Tata debt have almost doubled to a record since 3 January, according to CMA DataVision in New York. The contracts are used to protect bondholders against default. A rise in price reflects a drop in perceptions of credit quality.
Besides, AllianceBernstein LP and Waddell & Reed Inc., other large sellers include BlackRock Inc. investment managers, which got rid of more than 1 million shares, or 87% of its stake, according to a 10 December filing.
Shutdown costs
“If the acquisition doesn’t fit well with Tata Motors, the cost of shutting it down would be close to $5 billion,” said Gulbir Madan, who manages about $400 million in Indian equities including Tata Motors shares at Neptune Capital Management Llc. in New York.
Ratan Tata, 70, chairman of parent Tata group, rejects suggestions Tata Motors is overreaching by adding luxury brands to pair with Nano—the world’s cheapest car. “We’re not trying to be a global player,” he said in New Delhi on 10 January after unveiling the Nano, which will be built in a new plant costing $249 million. “We will grow internationally in select markets.”
Leaping ahead
Tata Motors, which controls more than half of India’s truck market and about 17% of passenger car sales, has leaped ahead before by acquiring other companies.
Buying South Korea’s Daewoo Commercial Vehicle Co. Ltd in 2003 enabled the company to produce trucks with as much as 400 horsepower — more than twice what it had been building, and enter the very-heavy truck segment.
“On their own, Tata would have taken years to get this technology,” said analyst Amit Kasat of Motilal Oswal Securities Ltd in Mumbai, who rates the shares as a “buy.”
Still, success with Jaguar and Land Rover would buck recent history in industry buyouts.
Germany’s DaimlerChrysler AG lost $12.6 billion in market value during its nine-year ownership of Chrysler Llc. before selling 80.1% of the US automaker to Cerberus Capital Management LP last year.
Ford has tried for 21 years to boost earnings, but Jaguar was never consistently profitable following the 1989 buy. Ford bought Land Rover in 2000.
Tata Motors’s interest in the U.K. units “seems odd, given their historic focus on mass cars for the cost-conscious,” said Devan Kaloo, who helps manage $9 billion for Aberdeen Asset Management Ltd in London.
The Ford deal “potentially will be value destructive,” said Kaloo, who doesn’t own the stock.
Investors shouldn’t be distracted by enthusiasm in India for a domestic takeover of two UK brands whose roots date to the days of British colonial rule, Rajan said.
“Patriotic ebullience doesn’t rub off on the shares,” he said.
Pooja Thakur in Mumbai and Subramaniam Sharma in New Delhi contributed to this story
Ess Dee Aluminium to revive and acquire India Foils
The acquisition of India Foils’ 19,000 tonnes per annum capacity would boost Ess Dee’s capacity to about 39,000 tonnes per annum
Mumbai: Packaging material maker Ess Dee Aluminium Ltd said on Monday it plans to acquire majority stake in India Foils Ltd, after helping revive the sick unit, to help boost capacity.
In a statement to the stock exchange, Ess Dee said it will join hands with India Foils founders, Madras Aluminium Co Ltd, to revive the company through a rehabilitation scheme, permission for which is expected within the next 60-90 days.
It plans to acquire 90% in India Foils for about Rs1-1.5 billion once it comes out of the purview of the Board for Industrial & Financial Reconstruction (BIFR), Ess Dee chairman and managing director Sudip Dutta told a business news channel.
The acquisition of India Foils’ 19,000 tonnes per annum capacity would boost Ess Dee’s capacity to about 39,000 tonnes per annum, he added.
Madras Aluminium, a Vedanta group firm, currently holds a 38.8% of India Foils.
Ess Dee shares were trading 2.25% higher at Rs626, off a high of Rs680, while India Foils shares rose by their daily maximum limit of 5% to Rs16.40 in a weak Mumbai market.
Wednesday, January 23, 2008
LIST OF STOCK EXCHANGES
GhanaStock Exchange, Ghana
Johannesburg Stock Exchange, South Africa
The South African Futures Exchange(SAFEX), South Africa
Sydney Futures Exchange, Australia
Australian Stock Exchanges, Australia
Shenzhen Stock Exchange, China
Stock Exchange of Hong Kong,Hong Kong
Hong Kong Futures Exchange,Hong Kong
National Stock Exchange of India,India
Bombay Stock Exchange, India
Jakarta Stock Exchange, Indonesia
Indonesia NET Exchange,Indonesia
Nagoya Stock Exchange,Japan
Osaka Securities Exchange, Japan
Tokyo Grain Exchange, Japan
Tokyo International Financial Futures Exchange (TIFFE), Japan
Tokyo Stock Exchange, Japan
Korea Stock Exchange, Korea
Kuala Lumpur Stock Exchange, Malaysia
New Zealand Stock Exchange, New Zealand
Karachi Stock Exchange, Pakistan
Lahore Stock Exchange, Pakistan
Stock Exchange of Singapore (SES), Singapore
Singapore International Monetary Exchange Ltd. (SIMEX), Singapore
Colombo Stock Exchange, Sri Lanka
Sri Lanka Stock Closings, Sri Lanka
Taiwan Stock Exchange, Taiwan
The Stock Exchange of Thailand, Thailand
Vienna Stock Exchange, Austria
EASDAQ, Belgium
Zagreb Stock Exchange, Croatia
Prague Stock Exchange, Czech Republic
Copenhagen Stock Exchange, Denmark
Helsinki Stock Exchange, Finland
Paris Stock Exchange, France
LesEchos: 30-minute delayed prices, France
NouveauMarc he, France
MATIF, France
Frankfurt Stock Exchange, Germany
Athens Stock Exchange, Greece
Budapest Stock Exchange, Hungary
Italian Stock Exchange, Italy
National Stock Exchange of Lithuania,Lithuania
Macedonian Stock Exchange, Macedonia
Amsterdam Stock Exchange, The Netherlands
Oslo Stock Exchange, Norway
Warsaw Stock-Exchange, Poland
Lisbon Stock Exchange, Portugal
Bucharest Stock Exchange, Romania
Russian Securities Market News, Russia
Ljubljana Stock Exchange,Inc., Slovenia
Barcelona Stock Exchange, Spain
Madrid Stock Exchange, Spain
MEFF: (Spanish Financial Futures & Options Exchange), Spain
Stockholm Stock Exchange, Sweden
Swiss Exchange, Switzerland
Istanbul Stock Exhange, Turkey
FTSE International (London Stock Exchange), United Kingdom
London Stock Exchange: Daily Price Summary, United Kingdom
Electronic Share Information, UnitedKingdom
London Metal Exchange,United Kingdom
London InternationalFinancial Futures and Options Exchange, United Kingdom
Middle Eastern Stock Exchanges
Tel Aviv Stock Exchange, Israel
Amman Financial Market, Jordan
Beirut Stock Exchange, Lebanon
Palestine Securities Exchange, Palestine
Istanbul Stock Exhange, Turkey
North American Stock Exchanges
Alberta Stock Exchange, Canada
Montreal Stock Exchange, Canada
Toronto Stock Exchange, Canada
Vancouver Stock Exchange, Canada
Winnipeg Stock Exchange, Canada
Canadian Stock Market Reports, Canada
Canada Stockwatch, Canada
Mexican Stock Exchange, Mexico
AMEX, United States
New York Stock Exchange (NYSE),United States
NASDAQ, United States
The Arizona Stock Exchange, United States
Chicago Stock Exchange, United States
Chicago Board Options Exchange, United States
Chicago Board of Trade, United States
Chicago Mercantile Exchange, United States
Kansas City Board of Trade, United States
Minneapolis Grain Exchange, United States
Pacific Stock Exchange, United States
Philadelphia Stock Exchange, United States
South American Stock Exchanges
Bermuda Stock Exchange, Bermuda
Rio de Janeiro Stock Exchange, Brazil
Sao Paulo Stock Exchange, Brazil
Cayman Islands Stock Exchange, Cayman Islands
Chile Electronic Stock Exchange, Chile
Santiago Stock Exchange, Chile
Bogota stock exchange, Colombia
Occide nte Stock exchange, Colombia
Guayaquil Stock Exchange, Ecuador
Jamaica Stock Exchange, Jamaica
Nicaraguan Stock Exchange, Nicaragua
Lima Stock Exchange, Peru
Trinidad and Tobago Stock Exchange, Trinidad and Tobago
Caracas Stock Exchange, Venezuela
Venezuela Electronic Stock Exchange, Venezuela
CENTRAL BANKS
| Bank of Afghanistan |
| Bank of Albania |
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| Central Bank of Argentina |
| Central Bank of Armenia |
| Central Bank of Aruba |
| Reserve Bank of Australia |
| Austrian National Bank |
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Bahamas: | |
Bahrain: | Central Bank of Bahrain |
Bangladesh: | |
Barbados: | |
Belarus: | |
Belgium: | National Bank of Belgium |
Belize: | Central Bank of Belize |
Benin: | Central Bank of West African States (BCEAO) |
Bermuda: | Bermuda Monetary Authority |
Bhutan: | Royal Monetary Authority of Bhutan |
Bolivia: | Central Bank of Bolivia |
Bosnia: | Central Bank of Bosnia and Herzegovina |
Botswana: | |
Brazil: | Central Bank of Brazil |
Bulgaria: | Bulgarian National Bank |
Burkina Faso: | Central Bank of West African States (BCEAO) |
Cambodia: | |
Cameroon: | Bank of Central African States |
Canada: | Bank of Canada - Banque du Canada |
Cayman Islands: | |
Central African Republic: | Bank of Central African States |
Chad: | Bank of Central African States |
Chile: | |
China: | |
Colombia: | Bank of the Republic |
Comoros: | Central Bank of Comoros |
Congo: | Bank of Central African States |
Costa Rica: | Central Bank of Costa Rica |
Côte d'Ivoire: | Central Bank of West African States (BCEAO) |
Croatia: | Croatian National Bank |
Cuba: | |
Cyprus: | Central Bank of Cyprus |
Czech Republic: | Czech National Bank |
Denmark: | National Bank of Denmark |
Dominican Republic: | |
East Caribbean area: | Eastern Caribbean Central Bank |
Ecuador: | Central Bank of Ecuador |
Egypt: | |
El Salvador: | Central Reserve Bank of El Salvador |
Equatorial Guinea: | Bank of Central African States |
Estonia: | Bank of Estonia |
Ethiopia: | National Bank of Ethiopia |
European Union: | European Central Bank |
Fiji: | |
Finland: | Bank of Finland |
France: | Bank of France |
Gabon: | Bank of Central African States |
The Gambia: | |
Georgia: | |
Germany: | Deutsche Bundesbank |
Ghana: | |
Greece: | |
Guatemala: | Bank of Guatemala |
Guinea Bissau: | Central Bank of West African States (BCEAO) |
Guyana: | Bank of Guyana |
Haiti: | |
Honduras: | |
Hong Kong: | Hong Kong Monetary Authority |
Hungary: | Magyar Nemzeti Bank |
Iceland: | Central Bank of Iceland |
India: | Reserve Bank of India |
Indonesia: | Bank Indonesia |
Iran: | The Central Bank of the Islamic Republic of Iran |
Iraq: | |
Ireland: | Central Bank and Financial Services Authority of Ireland |
Israel: | Bank of Israel |
Italy: | Bank of Italy |
Jamaica: | Bank of Jamaica |
Japan: | Bank of Japan |
Jordan: | Central Bank of Jordan |
Kazakhstan: | |
Kenya: | |
Korea: | Bank of Korea |
Kuwait: | |
Kyrgyzstan: | |
Latvia: | Bank of Latvia |
Lebanon: | Central Bank of Lebanon |
Lesotho: | |
Libya: | Central Bank of Libya |
Lithuania: | Bank of Lithuania |
Luxembourg: | Central Bank of Luxembourg |
Macao: | Monetary Authority of Macao |
Macedonia: | National Bank of the Republic of Macedonia |
Madagascar: | Central Bank of Madagascar |
Malaysia: | |
Malawi: | |
Mali: | Central Bank of West African States (BCEAO) |
Malta: | |
Mauritius: | Bank of Mauritius |
Mexico: | Bank of Mexico |
Moldova: | National Bank of Moldova |
Mongolia: | |
Morocco: | |
Mozambique: | Bank of Mozambique |
Namibia: | |
Nepal: | |
Netherlands: | Netherlands Bank |
Netherlands Antilles: | |
New Zealand: | Reserve Bank of New Zealand |
Nicaragua: | |
Niger: | Central Bank of West African States (BCEAO) |
Nigeria: | |
Norway: | Central Bank of Norway |
Oman: | |
Pakistan: | |
Papua New Guinea: | Bank of Papua New Guinea |
Paraguay: | |
Peru: | Central Reserve Bank of Peru |
Philippines: | |
Poland: | National Bank of Poland |
Portugal: | Bank of Portugal |
Qatar: | |
Romania: | |
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| Central Bank of the Republic of San Marino |
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| Saudi Arabian Monetary Agency |
| Central Bank of West African States (BCEAO) |
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| Central Bank of Seychelles |
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| Monetary Authority of Singapore |
| National Bank of Slovakia |
| Bank of Slovenia |
| Central Bank of Solomon Islands |
| South African Reserve Bank |
| Bank of Spain |
| Central Bank of Sri Lanka |
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| The Central Bank of Swaziland |
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| Swiss National Bank |
| National Bank of the Republic of Tajikistan |
| Bank of Tanzania |
| Bank of Thailand |
| Central Bank of West African States (BCEAO) |
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| Central Bank of Tunisia |
| Central Bank of the Republic of Turkey |
| Bank of Uganda |
| National Bank of Ukraine |
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| Bank of England |
| Board of Governors of the Federal Reserve System (Washington) |
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