Three leading European steel firms to merge
Usinor SA of France, Arbed SA of Luxembourg and Aceralia Corporacion Siderurgica SA of Spain said Monday they plan to merge to become the world's largest steelmaker with combined annual sales of nearly 30 billion euros ($27.43 billion). Usinor will hold 56.5% of the new group, Arbed will hold 23.4%, and Aceralia will hold 20.1%. A new group, to be established in Luxembourg, will make an offer for the shares of each of the three companies.BPCL shelves seven projects
BPCL has decided to shelve seven projects envisaging an investment of more than Rs 600 crore. This was indicated by petroleum ministry officials during Budget consultation recently. For 2001-02, BPCL has sought an outlay of Rs 440 cr.
Government invites bids for VSNL stake
The government on Monday invited bids from companies with a minimum net worth of Rs 2,500 crore to sell 25 per cent stake in Videsh Sanchar Nigam Ltd (VSNL) to a strategic partner. Companies, joint ventures or consortia should have a combined networth of Rs 2,500 crore for bidding.
Bajoria to seek Wadia's removal from Bombay Dyeing
After A brief lull, Arun Bajoria is back in news. He is set to demand Mr Nusli Wadia's removal from the Board of Bombay Dyeing at the Company Law Board (CLB) hearing on March 12. The jute baron told PTI here today, "Yes, I have received an intimation from the CLB for a hearing on March 12 and there I will demand Mr Wadia's removal."
Damani group expects counter-offer for VST
The Damani brothers are expecting a counter-offer to their open offer in VST Industries. Even though the share price of VST Industries on Monday reached the level of the open offer price of Rs 112 at both the BSE and the NSE, the Damani group has decided to wait for the counter offer before raising the offer price.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
