VW trumps BMW deal for Rolls
Germany's Volkswagen (VW) AG has trumped BMW's preferred bid for Roll-Royce Motor Cars with an offer of 360-380 million pounds ($630 million), a source close to the sale said yesterday, opening the way for a fight to the finish for Britain's most famous carmaker. VW confirmed on Thursday it had tabled the revised offer with Rolls' parent Vickers Plc but declined to comment further. Rolls parent company Vickers acknowledged receipt of the new VW bid, but also refused to specify its valuation.
Panel wants deregulation of fertiliser industry
The Hanumantharao committee has recommended deregulation of fertiliser industry and allowed companies to fix their retail prices subject to the ceiling farm-gate prices (FGP). The FGP is to be notified annually to make fertilisers available to farmers at affordable prices. The committee submitted its report to the Union Minister for Chemicals and Fertilisers SS Barnala in New Delhi yesterday.
Moody's shocks Japan with warning
Japan's sagging economy and international prestige took another blow yesterday when a major ratings agency issued a warning about its top-notch debt rating. Moody's Investors Service lowered its outlook on Japan's triple-A rated sovereign debt to negative from stable.
Banks start cutting prime lending rates
After the cut in bank rate by the Reserve Bank of India (RBI), commercial banks have started reducing their prime lending rates (PLRs). Bank of India, ABN Amro and Bank of Nova Scotia slashed their PLR yesterday while Dena Bank revised its deposit rates downwards. Union Bank of India is expected to cut its PLR on today after its board meets.
Nestle gets another show-cause
The Bombay Stock Exchange (BSE), dissatisfied with Nestle's defence on Friday, has decided to issue another show-cause notice to the company, seeking an explanation on why information regarding its managing director's (MD) exit was not conveyed to the bourse. The exchange had on Thursday issued a show-cause notice to the multinational after its scrip crashed on rumours of its MD, Daraius Ardeshir, stepping down.
CLB withdraws Gupta from SWC
In an unprecedented move the Company Law Board (CLB) on Thursday withdrew its nominee, LC Gupta, from the board of Shaw Wallace & Company (SWC). The order, signed April 2 by the CLB chairman PK Majumdar and vice-chairman S Balasubramaniam, states that Gupta was being withdrawn as his continuation on the board of the company could cause "embarrassment to himself".
