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Business Briefs

Open offer for Cairn

Mumbai, May 3: Anil Agarwal-promoted Vedanta Resources’ Indian mining arm Sesa Goa has received a tepid response to its open offer for buying 20 per cent stake in Cairn India. The company was able to acquire only 8 per cent stake in the oil and gas explorer. The open offer to public shareholders closed on April 30.

FDI proposals

New Delhi, May 3: The government has cleared 21 foreign direct investment proposals amounting to Rs 1,027 crore, including those of ACB India and Oriental Tollways. The Foreign Investment Promotion Board deferred decision on 17 plans and rejected nine of the total 47 proposals.

Grasim buy

New Delhi, May 3: Aditya Birla Group firm Grasim Industries will acquire a one-third stake in Swedish specialty pulp company Domsjo Fabriker, which was recently bought by group firm Aditya Holding AB.

Mylan blow

New Delhi, May 3: A US court has dismissed a lawsuit filed by Mylan Pharmaceuticals against health regulator USFDA seeking action against Ranbaxy Laboratories’ application to sell the generic version of cholesterol drug Lipitor.

Nasdaq bid

New York, May 3: Nasdaq OMX Group and IntercontinentalExchange Inc will take their takeover bid for NYSE Euronext straight to the Big Board’s shareholders as they try to corner the company into talks.

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