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Monsanto to spin off chem business
The $10 billion US multinational, Monsanto, plans to spin off its Indian industrial chemicals business into a separate company, Solutia, as part of a global restructuring effort. Globally, Monsanto has spun off its chemicals business into two separately traded companies.
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Raasi ropes in Lazard; counter-offer likely
The takeover battle for Raasi Cements is hotting up. Hyderabad-based Raasi Cements — which is facing a takeover bid by Chennai-based India Cements Ltd (ICL) -- has appointed Lazard Credit Capital to advise it on the takeover bid by India Cements and decided to consider an counter-offer.
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Indal, Sterlite scrips crash
Canadian aluminium giant, Alcan's counter offer of Rs 105 per share for Indal has failed to cheer the stock markets with the share price of Indal falling by about 9.95 per cent on the BSE. Similarly, the corporate raider, Sterlite's scrip also crashed by 8.67 per cent as market players doubt whether the company can finance a revised bid.
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Court allows Telecom department to process internet applications
The Delhi high court today allowed Department of Telecommunications to process applications for appointment of private internet service providers but restrained them from grant of final licence till next date of hearing.
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