Prudential of UK agrees to buy
American General Britain's Prudential PLC said Monday it has agreed to acquire American General Corp for about 18.1 billion pounds ($26.59 billion) in stock, forging the largest-ever combination of two insurance companies. The transaction represents a major expansion into the US for Prudential - which isn't related to Prudential Insurance Co of America - and will make it one of the world's biggest insurance concerns, with strong positions in the US, the UK and Asia.UB purchase 75 per cent of MBDL
United Breweries has clinched an agreement to purchase 75 per cent of Mangalore Breweries and Distilleries Limited through its wholly-owned subsidiary, United Breweries (Holdings) Ltd. The deal is worth approximately Rs 20 crore.
Government suffers historical defeat in the RS
The government on Monday suffered an embarrassing defeat in the Rajya Sabha when an opposition-sponsored amendment to the motion of thanks to the President's address to Parliament was carried in the House. The Congress amendment, disapproving the absence of any mention of Balco disinvestment decision in the address, was carried in a division by a 103-64 margin in the House. This is the third time in Parliamentary history that an opposition-sponsored amendment to the motion of thanks has been adopted.
Reliance denies reports
The Reliance group has categorically denied media reports that Reliance capital and/or any other Relaince group company had picked up any portion of the shares liquidated at the Calcutta Stock Exchange, particularly HFCL. A company release stated that similar reports circulating in the media for the past several days were baseless, conjectural and motivated.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
