Sun Pharma Buys Ocular Tech
- The country’s largest pharma company Sun Pharma acquired 100% equity in the US-based eye care specialist Ocular Technologies Sarl (owned by the private equity firm Auven Therapeutics) for a front payment of USD 40 million.
- The transaction is subject to approval of the US Federal Trade Commission as required under Hart-Scott-Rodino Act and is expected to be completed by end of 2016.
Judge ordered the settlement of $14.7 Billion in Volkswagen Scandal
- US District gave final approval on a $14.7 billion settlement in the Volkswagen Group diesel emissions scandal in which German automaker outfitted many of its diesel VWs & Audis with illegal software.
- It reduced the cars’ emissions in the lab but spewed up to 40 times on the road. Witht he judge’s approval, it would begin buying back the affected vehicles by mid-Nov.
Adani Petronet Gets Green Nod
- Adani Petronet (Dahej) Port Pvt (APPPL) is a joint venture of Adani Enterprise & Petronet LNG that has received green clearance for the third phase expansion of its Dahej port in Bharuch district of Gujarat.
- It will entail an investment of about 464.32 crore and third phase expansion will entail raising cargo-handling capacity to 23 mtpa from 11.7 million tonnes per annum.
Telecom giant AT&T has agreed to acquire Time Warner Inc
- US Telecom giant AT&T has agreed to acquire Time Warner for a mammoth $85.4 billion, as reported in media on 22 October 2016.
- AT&T will gain premium cable channel HBO, CNN and the Warner Bros. Studio through this deal and therefore, it will become a content owner rather than just a distributor of video.
- Due to its monopolistic overtures, the deal will go through the US Congress, Justice Department and US regulatory authorities.
- AT&T agreed to pay 107.50 US dollars a share, evenly split between cash and stock. The deal is expected to close by the end of 2017.Once the deal is completed, AT&T will rely on its entertainment business for more than 40 percent of its revenue, based on second-quarter financial results.
Microsoft Opens Cybersecurity Centre
- Microsoft has set up seventh cybersecurity engagement centre (CSEC) in New Delhi to work with partners in identifying and responding to cyber threats in India.
- Other cybersecurity centres are located in Singapore, Tokyo, Seoul, Beijing, Berlin & Washington DC.
Tata Sons Removed Cyrus Mistry
- In a decision that was taken at a Board meeting on 24 Th October 2016 Tata Sons Board has appointed Ratan Tata as the interim chairman of the group, replacing Cyrus Mistry.
- In one of the biggest upheaval in the corporate sector as then Mistry has resigned from his post as chairman.
DIAL Raises $522m in 10yr Bonds
- DIAL is a joint venture between GMR Airports & Germany’s Fraport has raised $522 million through the issue of high-yield 10-year bonds.
- High-yield bonds refer to instruments that offer a higher return to compensate for the risk.
HCL announced to buy Butler America Aerospace
- In order to strengthening its position in the aerospace and defence engineering services space HCL Technologies has notified that it will acquire Butler America Aerospace for USD 85 million in cash.
- Butler America Aerospace had revenues of USD 85.4 million for the year ended Dec 31, 2015 and has over 900 engineers & seven design centres in the US.
Nissan Motor Company completed its purchase of a controlling stake in fellow Japanese automaker Mitsubishi Motors Corp.
- Nissan announced the deal for Mitsubishi in May 2016 and Nissan Motor Company has emerge as the third largest automotive group in the world when on 20 October 2016 it completed its purchase of a controlling stake in fellow Japanese automaker Mitsubishi Motors Corp.
- Nissan Motor Company completed its purchase of a controlling stake in scandal-hit Mitsubishi Motors Corp. for more than $2 billion on 20 October 2016.
- Nissan and Renault SA (France) combind produces around 10 million vehicles a year, making it one of the three largest automotive groups in the world (The 17-year-old alliance) and is behind Toyota Motor Corp. and Volkswagen AG.
- In April 2016, Mitsubishi had admitted that its employees falsified fuel-economy data, leading to plunging sales and an expected loss of more than $2 billion in the year ending March 2017.
Wipro Buys US Cloud Company Appirio
- Wipro has agreed to buy a US-based company which helps organisations migrate software applications to the cloud .
- Wipro will be paying $500 million (Rs 3,300 crore) to buy Appirio.
- This is its second-biggest acquisition after data centre provider Infocrossing, for which it paid $600 million in 2007.
- The acquisition is expected to close at the end of the year.
