Essar acquires Stanlow

New Delhi, Aug. 1: London-listed Essar Energy Plc has completed the acquisition of UK’s Stanlow oil refinery for $350 million. Essar bought the refinery from Royal Dutch Shell. The Stanlow refinery is the second-largest refinery in the UK, with a nameplate capacity of 296,000 barrels of oil a day. It supplies about one-sixth of the UK’s petrol and is also a key manufacturer of diesel and aircraft fuel.

Arcelor bid

London/New Delhi, Aug. 1: ArcelorMittal and Peabody Energy today jointly launched a hostile bid for Australian firm Macarthur Coal, after the target company refused to accept their Aus $4.7 billion ($5.3 billion) takeover bid. The Peabody-ArcelorMittal combine has offered Aus $15.50 apiece plus a dividend of 16 cents per share.

Raju move

Hyderabad, Aug. 1: B. Ramalinga Raju, the prime accused in the Satyam scam, and six others today filed bail petitions in a local court as the trial in the scam was not completed before the stipulated time of July 31. The matter will come up for hearing tomorrow.

MphasiS buy

Mumbai, Aug. 1: IT software solutions firm MphasiS has entered into an agreement to acquire US-based Wyde Corporation for an undisclosed amount. Under the terms of the agreement, MphasiS will hold a 100 per cent equity stake in Wyde.

HSBC job cut

London, Aug. 1: HSBC will shed 30,000 jobs as it retreats from countries where it is struggling to compete, Europe’s biggest bank said on Monday.

HNG net sales

Calcutta, Aug. 1: Hindusthan National Glass has registered an 18 per cent rise in net sales in the first quarter at Rs 431 crore against Rs 364 crore in the year-ago period.