EXPLAINER-The Bitter Takeover Battle Between India apos;s Adani And News...
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Can you match the car with the director who 'designed' it?...<br><br>He told the paper that good neighbourly relations were "significant not only for the two countries but for Europe as a whole" and that Germany believed that open issues must be resolved through dialogue based on international law.<br><br>Relations between [https://en.volos-minivan.eu/ATHENS-0000000004-guided-tour-greece.html guided tour greece] and Germany have improved since the Greek debt crisis that broke out in late 2009 and forced Athens to sign up to three international bailouts on tough and unpopular austerity terms, many of them suggested by Germany.<br><br>ATHENS, Greece (AP) - A raid on a sprawling university campus complex in Athens led to the arrests of 32 people who are suspected of belonging to gangs that carried out armed robberies, drug trafficking and other offenses, police in Greece said Wednesday.<br><br>NDTV is regarded by some as one of the few independent voices in India's rapidly polarising media landscape, and cost of taxi in Trikeri greece the takeover attempt has triggered concerns among journalists and politicians that a change of ownership could undermine its editorial integrity.<br><br>In a document shared with other EU member states this week, piraeus bus to Vergina Italy, Poland, Greece, Belgium and Slovenia proposed two options: either a far lower fixed price cap of 160 euros/MWh, minibus taxi Thessaloniki or a "dynamic price cap" that could fluctuate in response to existing liquefied natural gas price benchmarks.<br><br>NEW DELHI, Aug 25 (Reuters) - When India's richest man Gautam Adani this week unveiled plans for his firm to control a majority stake in New Delhi Television (NDTV), it was the stealth approach in executing the transaction that drew most attention in the news industry.<br><br>Adani Group's indirect control of a stake above 25% means it must put forward an open offer to purchase at least 26% more from existing shareholders in NDTV to give them an opportunity to exit, according to Indian regulations.<br><br>But while EU countries have already agreed a raft of emergency energy measures, including requirements to fill gas storage to prepare for winter, diplomats expected tough negotiations on the price cap and some were doubtful a deal could be struck in time for a Dec.<br><br>More than a decade ago, NDTV founders Prannoy and Radhika Roy took 4 billion rupees ($50 million) in loans from VCPL, and in exchange issued warrants that allowed the company to acquire a 29.18% stake in the news group.<br><br>One option would be for the NDTV founders to make their own open offer at a higher price to try to increase their stake and challenge Adani, said Shriram Subramanian, founder of proxy advisory firm InGovern. (Reporting by Munsif Vengattil in New Delhi, M.<br><br>On Friday, countries will consider a revised proposal by the Czech Republic, private taxi Pelion greece which holds the rotating EU presidency, which would lower the limit to 264 euros/MWh and require prices to remain above that level for five trading days, instead of two weeks, to trigger the cap.<br><br>BRUSSELS, Dec 2 (Reuters) - European Union countries will consider on Friday a proposal for how to get to greece a gas price cap slightly lower than a Brussels proposal that some view as too high, with a handful of countries pushing for an even lower limit, documents seen by Reuters showed.<br><br>The Commission last week proposed a gas price cap that would kick in if the front-month Title Transfer Facility (TTF) gas price exceeded 275 euros ($289) per megawatt-hour for two weeks and was 58 euros higher than a liquefied natural gas reference price for 10 days.<br><br>The revised proposal, Pelion escorted tours seen by Reuters, would also extend the cap to cover not only the front-month gas contract, as the Commission proposed, but contracts with expiry dates as far forward as a quarter-year.<br><br>Some countries criticised the original EU proposal, including suggestions it was designed with such a high price and with criteria so strict that the cap would never be triggered, and thus fail to cushion their economies from price spikes.<br><br>EU gas prices have soared this year as Russia slashed gas deliveries to Europe following its invasion of Ukraine, prompting governments to spend hundreds of billions of euros to cushion their economies from the surge in energy costs. | + | By Munsif Vengattil and M.<br><br>Sriram<br> NEW DELHI, Aug 25 (Reuters) - When India's richest man Gautam Adani this week unveiled plans for his firm to control a majority stake in New Delhi Television (NDTV), it was the stealth approach in executing the transaction that drew most attention in the news industry.<br> But NDTV, one of nation's most popular news networks, is seeking to block the takeover attempt by the billionaire tycoon's group, saying regulatory restrictions prevent the bid from proceeding.<br> NDTV is regarded by some as one of the few independent voices in India's rapidly polarising media landscape, and the takeover attempt has triggered concerns among journalists and politicians that a change of ownership could undermine its editorial integrity.<br> This is how the firm controlled by the Adani family went about planning the takeover and how NDTV is trying to resist it.<br> A COMPANY CALLED VCPL<br> Much of the spotlight on Adani's two-stage takeover bid is on one, little-known Indian company: Vishvapradhan Commercial Private Limited (VCPL), founded in 2008.<br> More than a decade ago, NDTV founders Prannoy and Radhika Roy took 4 billion rupees ($50 million) in loans from VCPL, and in exchange issued warrants that allowed the company to acquire a 29.18% stake in the news group.<br> Those warrants were convertible at any time.<br><br>Adani Group said on Aug. 23 it had acquired VCPL and exercised those rights, which should give it the stake in NDTV.<br> Adani Group's takeover bid is without NDTV's consent, the news organisation said hours later. Internally, an NDTV memo referred to the move as "entirely unexpected."<br> AN OPEN OFFER PLAN<br> Adani Group's indirect control of a stake above 25% means it must put forward an open offer to purchase at least 26% more from existing shareholders in NDTV to give them an opportunity to exit, according to Indian regulations.<br> That's what Adani did.<br><br>Laying out its plan, the Adani Group said the open offer will be at 294 rupees per NDTV share for a total consideration of up to $62 million.<br> If the two-stage plan works, Adani Group would get 55.18% of the popular news network.<br> NDTV PUSHES BACK<br> Although NDTV has said Adani's move was without its consent, four lawyers who spoke to Reuters said Adani Group was well within its legal rights in the deal process so far.<br> NDTV had said it was given two days to transfer the shares due to the Adani Group after it made the takeover bid.<br> But as that deadline neared, NDTV has threw a spanner in the works by disclosing on Aug.<br><br>25 that its founders were currently prohibited from dealing in India's securities market.<br> That was due to a 2020 regulatory decision in a case of suspected insider trading of NDTV shares, the news network said, meaning it can't tranfer shares Adani was trying to secure.<br> The regulatory restriction is in place until November this year, and a lawyer said NDTV's effort at best can "stall or slow down the process" of Adani's takeover.<br> Other lawyers have said NDTV should have foreseen the situation as its founders had issued warrants to VCPL years ago and there was always a possibility a company could execute them to acquire a stake.<br> One option would be for the NDTV founders to make their own open offer at a higher price to try to increase their stake and challenge Adani, said Shriram Subramanian, founder of proxy advisory firm InGovern. (Reporting by Munsif Vengattil in New Delhi, M.<br><br>Sriram and Abhirup Roy in Mumbai and Nivedita Bhattacharjee in Bengaluru; Editing by Aditya Kalra, Jamie Freed and Kim Coghill)<br><br><br><br>If you have any thoughts with regards to in which and how to use [https://en.volos-minivan.eu/ATHENS-0000000035-taxi-service-Volos-greece.html taxi service Volos greece], you can call us at our web-page. |
Revisión de 07:17 25 feb 2023
By Munsif Vengattil and M.
Sriram
NEW DELHI, Aug 25 (Reuters) - When India's richest man Gautam Adani this week unveiled plans for his firm to control a majority stake in New Delhi Television (NDTV), it was the stealth approach in executing the transaction that drew most attention in the news industry.
But NDTV, one of nation's most popular news networks, is seeking to block the takeover attempt by the billionaire tycoon's group, saying regulatory restrictions prevent the bid from proceeding.
NDTV is regarded by some as one of the few independent voices in India's rapidly polarising media landscape, and the takeover attempt has triggered concerns among journalists and politicians that a change of ownership could undermine its editorial integrity.
This is how the firm controlled by the Adani family went about planning the takeover and how NDTV is trying to resist it.
A COMPANY CALLED VCPL
Much of the spotlight on Adani's two-stage takeover bid is on one, little-known Indian company: Vishvapradhan Commercial Private Limited (VCPL), founded in 2008.
More than a decade ago, NDTV founders Prannoy and Radhika Roy took 4 billion rupees ($50 million) in loans from VCPL, and in exchange issued warrants that allowed the company to acquire a 29.18% stake in the news group.
Those warrants were convertible at any time.
Adani Group said on Aug. 23 it had acquired VCPL and exercised those rights, which should give it the stake in NDTV.
Adani Group's takeover bid is without NDTV's consent, the news organisation said hours later. Internally, an NDTV memo referred to the move as "entirely unexpected."
AN OPEN OFFER PLAN
Adani Group's indirect control of a stake above 25% means it must put forward an open offer to purchase at least 26% more from existing shareholders in NDTV to give them an opportunity to exit, according to Indian regulations.
That's what Adani did.
Laying out its plan, the Adani Group said the open offer will be at 294 rupees per NDTV share for a total consideration of up to $62 million.
If the two-stage plan works, Adani Group would get 55.18% of the popular news network.
NDTV PUSHES BACK
Although NDTV has said Adani's move was without its consent, four lawyers who spoke to Reuters said Adani Group was well within its legal rights in the deal process so far.
NDTV had said it was given two days to transfer the shares due to the Adani Group after it made the takeover bid.
But as that deadline neared, NDTV has threw a spanner in the works by disclosing on Aug.
25 that its founders were currently prohibited from dealing in India's securities market.
That was due to a 2020 regulatory decision in a case of suspected insider trading of NDTV shares, the news network said, meaning it can't tranfer shares Adani was trying to secure.
The regulatory restriction is in place until November this year, and a lawyer said NDTV's effort at best can "stall or slow down the process" of Adani's takeover.
Other lawyers have said NDTV should have foreseen the situation as its founders had issued warrants to VCPL years ago and there was always a possibility a company could execute them to acquire a stake.
One option would be for the NDTV founders to make their own open offer at a higher price to try to increase their stake and challenge Adani, said Shriram Subramanian, founder of proxy advisory firm InGovern. (Reporting by Munsif Vengattil in New Delhi, M.
Sriram and Abhirup Roy in Mumbai and Nivedita Bhattacharjee in Bengaluru; Editing by Aditya Kalra, Jamie Freed and Kim Coghill)
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