NationsBank, Bank America in merger pact
BankAmerica Corp and NationsBank Corp yesterday announced that they had agreed to merge in a $60 billion stock swap. The merger will result in the creation of a US bank with $570 billion in assets in what is the biggest banking deal in history. Under the merger pact a new holding company called BankAmerica Corp will be created.
Lakme announces dividend of Rs 60 per share; extends fiscal till June 30
Lakme Ltd has announced a dividend of Rs 60 per share (face value Rs 10), in effect, paying out only half the proceeds of Rs 159 crore realised from the sale of its cosmetics business. With the sale, Lakme abandoned a substantial market leadership and plans to move into a virgin retail business.
Nestle says MD's resignation accepted via `circular resolution
The crucial decision of Nestle India in accepting the resignation of MD Darius Ardeshir was taken through a "circular resolution" and not a formal board meeting. To get around the problem of actually having to assemble all board members at one place, Nestle decided to, as a first step, circulate a resolution on the resignation of the managing director.
Tainwala Polycontainers shareholders approve merger with group flagship
Tainwala Polycontainers has obtained shareholder approval to merge it with group flagship, Tainwala Chemicals & Plastics. At an extraordinary general meetings (EGMs) held on Monday in pursuance to a Bombay high court order last month, shareholders of both companies ratified a scheme of amalgamation under which holders of seven shares of Tainwala Polycontainers will receive one equity share in the merged company.
Parmalat of Italy to seek FIPB nod to bring more funds into Swojas Energy
Parmalat Spa of Italy, which took over the loss-making Swojas Energy Foods in November 1997, will seek the Foreign Investment Promotion Board (FIPB) permission to bring in additional funds. This will increase Swojas Energy's share capital and could hike the parent firm's holding from the present 51 per cent.
VSNL seeks partner, asks Ernst & Young for advice
The state-owned Videsh Sanchar Nigam Ltd (VSNL) has appointed international consultants, Ernst & Young, to advise it on selection of a partner for its proposed joint venture to market ICO Global Communications' services in the country. Apart from giving counsel on the right partner, Ernst & Young will also advise VSNL on the structure of the proposed joint venture.
