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Saturday, May 9, 1998
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Alcan earmarks Rs 350 cr to quell Sterlite bid
Alcan Aluminium of Canada has readied a war chest of Rs 350 crore to fund its battle with Sterlite Industries over Indian Aluminium Co, indicating that it is prepared to bid higher than its counter-offer announced on April 29. As per Alcan's revised offer letter, dated April 29, to Indal's shareholders, raising its offer to Rs 120 per share against Sterlite's 115, the Canadian major has provided Rs 350.67 crore to acquire 20% or 14,222,400 shares of Indal.
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Raymond net profit inreases by 377% to Rs 45 crore
Raymond Ltd has posted a 377% rise in its net profit to Rs 45.02 crore for the year ended March 31, 1998, against Rs 9.44 crore during the same period the previous year. The performance is despite a relatively lower 22% rise in net sales at Rs 1,192.95 crore. The board has recommended a dividend of Rs 1.5 a share for 1997-98, compared with Re 1 a share the previous year.
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Pepsico slaps anti-trust suit against Coke
Pepsico Inc has sued Coca-Cola Co alleging that it is holding a monopoly over the fountain-dispensed soft drink market by forbidding independent food service distributors from carrying Pepsi products. The suit, filed in Manhattan federal court, alleges that Coca-Cola has used this practice to maintain its more than 90% share of the fountain-dispensed soft drink market.
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Kirloskar Pneumatic plans open offer for KG Khosla
Kirloskar Pneumatic Company (KPC) proposes to make an open offer to acquire 20% of the paid-up equity capital of KG Khosla at Rs 21 per share. The offer, managed by Khandwala Securities, is scheduled to open for public participation on July 9 and will close on August 7, with June 12 being the cut off or the specified date as per the takeover code.
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