Dabur acquires Turkey's Hobi Kozmetik for Rs 324 cr

Press Trust of India/New Delhi 26 Jul 10 | 04:05 PM Be the first to comment Related to : Dabur India Ltd Making its first ever overseas acquisition, FMCG player Dabur today said it has acquired Turkish personal care firm Hobi Kozmetik Group for $69 million (about Rs 324 crore) as part of its strategy to strengthen its presence in the Middle East and North Africa. "This acquisition is an important step towards further consolidating and expanding our already substantial presence in the Middle East and North Africa region," Dabur India Chairman Anand Burman said in a statement.

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At present, Dabur sells its products in over sixty countries through its subsidiary Dabur International. The company said it has fully acquired three Hobi Group firms-- Hobi Kozmetik, Zeki Plastik and Ra Pazarlama through its overseas subsidiary Dabur International for $69 million. The transaction is expected to be completed by the third quarter of this fiscal. "The acquisition offers Dabur an entry into an attractive new market like Turkey, and adds to our portfolio a host of popular international brands that enjoy pole position in their respective categories", Dabur India CEO Sunil Duggal said. Set up in 1974, Hobi Kozmetik is a maker of personal care products in Turkey and sells a range of hair care and skin care products under 'Hobby' and 'New Era' brands across 35 countries, including the Middle East and North Africa. "Hobi's brands complement Dabur's portfolio, categories, offering us a strong platform to enter newer product categories and markets", Duggal added. This is Dabur's first major acquisition after it took control of Mumbai-based Fem Care Pharma (FCPL), a leading player in the women's skin care products market, for Rs 203.7 crore for 72.15 per cent stake in an all-cash deal in 2008. Later the company acquired additional 20 per cent through an open offer for Rs 54 crore.

Dabur India scrips were trading at Rs 206.2 per share, down 2.55 per cent from the previous close in the afternoon trade at the Bombay Stock Exchange.

Ashok Leyland to buy 26% stake in UK's Optare

Press Trust of India/New Delhi 29 Jul 10 | 06:56 PM Be the first to comment Related to : Ashok Leyland Ltd Hinduja flagship firm Ashok Leyland today said it will acquire 26 per cent stake in UKbased bus manufacturer Optare for $7.5 million (about Rs 35 crore) as part of its strategy to expand into new markets. "The deal is expected to further benefit Ashok Leyland in its endeavour to accelerate technology, new product development and address new markets," the company said in a statement.

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The acquisition will give the company access to Optare's technology, including a modern range of mid-size and full-size city buses, which can address several global markets, it added. "This strategic alliance is a critical part of our 'Global Bus' programme, which is under development," Ashok Leyland Managing Director R Seshasayee said. Under the agreement, Ashok Leyland will nominate two nominees on the board of Optare, it said. Optare, in turn, will seek to improve its competitiveness in the UK and its export markets through access to Ashok Leyland's lower-cost supply chain, co-operation in new product development and improved management of working capital. "This new venture will deliver direct benefits to UK bus customers while propelling Optare on to the global stage," Optare Non-Executive Chairman John Fickling said.

In 2009, Optare had a turnover of around 80 million pounds. It employs around 500 people on two manufacturing sites at Leeds and Blackburn and produces a wide range of buses of its own design, including double deckers and mini coaches. In 2006, Ashok Leyland acquired Czech company Avia for an undisclosed sum to expand its global footprint.
28 July 2010 Last updated at 09:39 GMT

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Telefonica agrees Vivo deal with Portugal Telecom

blocked Telefonica's bid for Vivo

The Portuguese government had

Spanish telecom firm Telefonica has agreed to buy Portugal Telecom's (PT) stake in Brazilian mobile company Vivo, ending weeks of strained negotiations. No figure for the deal was announced, but reports say the Spanish company will pay 7.5bn euros ($9.8bn; 6.3bn). Earlier this month, Telefonica said it had pulled out of a 7.15bn-euro bid to buy PT out of Vivo. The bid had been accepted by PT shareholders, but was blocked by the Portuguese government.

However, the European Court of Justice overruled the government's objections to the deal on the basis that they broke rules on the free movement of capital. Telefonica is keen to expand in the fast-growing Latin American market, and sees taking control of Vivo, Brazil's largest mobile phone company, as a key element in this strategy.