symbiont february 2010

8/14/2019 Symbiont February 2010

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teams like Kings XIPunjab, Delhi Daredev-ils and Rajasthan Roy-als may soon see achange in ownership

Year 2009 has shownthat the economy is no-where near stoppingfrom exclusive matchmakings. It will just get better in the years tocome and definitely,with the upheaval of theeconomic slowdownand the careful dealingsafter the 2008-09 set- backs, companies aretaking in strategic stepsin order to preparethemselves against ga-loring competition, slot-ting of companies intomajor brackets and ris-

With the advent ofQuarter 2 2009, the In-dian and global econ-omy has given green

shoots of recovery fromthe financial meltdownand the spotlight is back on mergers andacquisitions. This isincreasingly visible inthe once high growthsectors, example airlineindustry in India tillDecember 2007, whichattracted a host of new

entrants that are nowstruggling to stayafloat. Similarly, in-stances are of compa-nies that over diversi-fied over the last fewyears in a bid to growand are now finding ithard to sustain them-selves. Take retail, forexample. Subhiksha,Vishal Megamart and Nilgiris are in trouble.Add to this factors likedwindling marketshare, falling marginsand return on capitalemployed, coupled withfragmentation in thesector and you have the perfect set up for con-

solidation. Sometimesthe huge size of keyplayer can also be an

influencing factor. Anexample is Liquor in-dustry. The liquor in-dustry in India containsin itself one market

leader called UBGroup. UB Spirits,which held a nominal22% of the market in2001, emerged as anundisputed leader by2005 with more than50% market share. The biggest of mergers andacquisitions is seen intelecom reasoned by theoverflowing new en-trants. Telecom is aheavily distributed withsix major players andother four of whomhave recently entered. Itwill be the year 2011,when the lock-in periodfor the new telecom providers comes to an

end and is expected to be a booster year formany telecom deals.Last but not the least,the Indian PremierLeague. With teamsnow being allowed tosell their stakes, therewill definitely be teamowners looking at exit-ing their IPL invest-

ments. And even as thisstory goes to press, ru-mours are rife that

GREEN SHOOTS IN THEECONOMY AND IN M&As

A RECOVERY REVIEW

SYMBIONT

By - Akash Sablok

28th February 2010

Volume II Issue 4

Inside this issue:

RIL bid forLyondellBasel

2

Bharati Zain to Lockthe deal

3

Arcelor Mittal tohike stake in Uttam

5

Quiz 8

Know Thy Words 8

Top 10 M&A inIndia

10

Crossword 11


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Houston based LyondellBasell In-dustries (LBI), the worlds third

largest independent chemical pro-ducer, is under a tough time, stand-ing on the verge of bankruptcy.Lyondell is basically a chemical gi-ant from US acquired by Basell In-dustries in Dec 2007. LBI is headquartered at Rotterdam, Netherland.The joint entity is facing a tremen-dous challenge of bankruptcy with a

debt of $ 20 billion. LBI has filed a bankruptcy protection in January2009 and to protect the same the in-ternal restructuring process is on.

Mukesh Ambani controlled RelianceIndustries Limited, Indias largest

private sector refiner, has offeredabout $12 billion in cash to acquire amajority stake in international petro-

chemical group LyondellBasell In-dustries in November 2009. It was a preliminary offer upon the firms

emergence from bankruptcy protec-tion and subject to customary con-ditions including the liabilities thetroubled firm owns.

LBI is going through the debt re-structuring process and the bank-

ruptcy court hearing began. They are

trying to come out of the turmoil ontheir own through 2.5 billion right

issues. The management of LBI iswell aware of the RILs offer and

they are considering it as the last al-ternative.

However the preliminary bidding of$12billion was discarded and to buysome time to watch the move of LBIand bankruptcy court Reliance hasrevised the offer to $13.5 billion inJanuary this year. Even that also rejected by LBI board. The proposedvaluation of the firm stands nearly$15.5 billion. To further sweeten thedeal RIL has offered $14.5 billion foracquiring the controlling stake of thefirm in Feb 2009. Now the option

includes cash or equity in the com-pany.

If the deal materialized, the joint en-

tity would create a global chemical

and petrochemical giant with esti-mated revenue of $80 billion annu-

ally. The world's third-largest inde-

pendent chemical company LBI

would give RIL petrochemical plants

two oil refineries and access to the

US fuel market. Till date Tata-Corus

$12.3 billion deal is the highest value

acquisition by any Indian firm. This

deal has the potential to surpass that.

Page 2SYMBIONT

Lyondell

Chemical

Company was

the third largest

independent

chemicalmanufacturer in

the United States.

RIL bid for LyondellBasell

DATE Feb 22, 2010

ACQUIRER Reliance Industries Limited, India

ACQUIREE LyondellBasell Industries, Netherland

DEAL VALUE $14.5 Billion

DEAL NATURE Acquisition

PURPOSE To strengthen the presence in Global market.

To create a global energy and chemicals powerhouse through synergy

By Vasanth and Surajit

Inflation hasn't ruined everything. A dime can still be used as a screwdriver. -

Quoted in P.S. I Love You, compiled by H. Jackson Brown, Jr.

TRIVIATRIVIA

TheEuropean

financedivision

andAmerican

operationsof

LyondellBasell

havefiledfor

bankruptcyeffec-

tiveJanuary6,

2009.


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NAB is currently bidding in a consor-tium with AMP, to take over AXAPacific's business outside Australiaand New Zealand. The businesseswhich NAB plans to take over fromAXA AP, include the Australian andNew Zealand wealth management andfinancial protection businesses(including Australian mature busi-ness); aligned advisory businesses

such as IPAC, Genesys, AXA Finan-cial Planning, Charter Financial Plan-ning; and a 50 per cent stake in Alli-anceBernstein Australia Ltd.AMP is now at the back foot as its$12.8 billion bid for AXA Asia Pa-cific was passed second by a $14.2boffer by rival National AustraliaBank. AMP is trying its level best byoffering a cash and stock offer, butthat has been rejected by AXA Asia

Pacific's independent directors. AMPis also put in a tight spot after it de-clared its offer best and final.In the bid there are various high leveladvisors involved such as JP MorganChase & Co is advising NAB; AXA isadvised by Macquarie Group; whileDeutsche Bank AG is advising AXASA and AMP is advised by UBS. In

the mean time NAB does not expectits bid to be completed until May orJune of this fiscal year and needs toovercome any hurdles that may be putin its way by the Australian Competi-tion and Consumer Commission.But probable extension may work inthe bank's favour because it could tapmore of its existing capital to pay forits portion of the deal instead of rising

as much as $1.5 billion from share-holders as it originally planned.The plan to merge AXA AP with NAB's MLC wealth management business was first proposed in 1997and had remained an ambition eversince. The two sides i.e. NAB & AXASA were given the green light to startnegotiations after the agreement be-tween AXA SA and its previous bid-ding partner AMP expired. NAB is

now free to deal directly with AXASA.The deal is crucial as the contendingcompanies and financial advisories arekeeping a close check on the develop-ments and any wrong move can affectthe valuation and the bid acceptanceor rejection.

Volume II Issue 4

AXA ranks as the

73rd largest

company in the

world (based on

revenue) on the

2009 Fortune

Global 500 list.

Page 3

Targeting Australias fertile wealth management sector

By Nirmoy & KamnashishDATE Feb 08, 2010

ACQUIRER National Australian Bank, Australia

ACQUIREE AXA, Asia Pacific

DEAL VALUE $14 Billion


PURPOSE To bolster the position in Australia's rapidly growing $900 bil-lion wealth management industry

The real measure of your wealth is how much you'd be worth if you lost all your money. -

Author Unknown

Despitebeingwritteninuppercase,"AXA"

isnotanacronym,butwaschosenbecauseits

namecanbepro-nouncedeasilybypeo-plewhospeakanylanguage.

NAB is on the final stage to clinch$14billion AXA Asia Pacific deal

TRIVIA


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Only three out of 15 countries inZain's Africa portfolio having a mobile penetration in excess of 50%,Being a market leader with 50-75market share in seven out of 15countries and 25-50% share in Sixnations.With the failed deal of MTN, thisdeal is very important for Bharti s

credentials. With the increasinglycrowded market at home, call rates ofless than half a U.S. cent a minute,price competition in India from new-comers such as Japans NTT Do

Como Inc. and Norways Telenor SA

slashed rates for many of Bhartis

125 million customers, it has becomeincreasingly important for this deal toclick and for the company to goglobal.

Debt finance being hinted as the mostlikely source of finance for Bharthi.The stock market seems to be a littleconcerned with the higher interestoutgo and the earnings to be im-pacted by 20-25%. With telecom ac-quisitions being in the hot seats, fi-nancing the deal should not be in re-tained profits to secure Airtels risk

behind this takeover.

Page 4SYMBIONT

Bharti- Zain to lock the dealWith valuations over, the process to meet deadline

By Rachna and Surya

Bharti Airtel, India's largest mobile phone service provider is acquiringthe Kuwait based telecom CompanyZains African operations in a deal

with an enterprise value of US$10.7 billion. Both the companies are intotalks and have set a dead line ofMarch 25th for its closure. Zain oper-ates in Africa. Zains total mobile

subscriber base stood at 71.8 millionat the end of September, 2009(including its assets in the MiddleEast, such as Saudi Arabia, Jordanand Iraq). Zain has operations in 17African countries and Bharti's offeris for buying businesses in all theregions, except in Sudan and Mo-rocco. Nigeria, Africas largest mo-

bile-phone market by subscribers,is a key piece of Mittals purchase.

Mittal is hands-on in negotiationsand has met ministers of many ofthe 15 countries in which Zain op-erates. Zain seems to be a profit-able venture since:Low market penetration of 36% asagainst 44% in India and highARPU of USD 7.5 as against USD5 for Bharti.

"Your money or your life." We know what to do when a burglar makes this demand of us, but not when

God does - Mignon McLaughlin, The Second Neurotic's Notebook, 1966

Globally, Bharti Airtel

is the 3rd largest in-

country mobile opera-

tor by subscriber base,

behind China Mobile

and China Unicom. In

India, the company

has a 24.6% share ofthe wireless services

market, followed by

17.7% for Reliance

Communications and

17.4% for Vodafone

Essar.

DATE March 25, 2010

ACQUIRER Bharti Airtel, India

ACQUIREE Zain Telecom, Kuwait

DEAL VALUE $10.7 Billion


PURPOSE To grow in International markets


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NAB is currently bidding in a consor-tium with AMP, to take over AXA Pa-cific's business outside Australia and New Zealand. The businesses which NAB plans to take over from AXAAP, include the Australian and NewZealand wealth management and fi-nancial protect ion businesses(including Australian mature busi-ness); aligned advisory businesses

such as IPAC, Genesys, AXA Finan-cial Planning, Charter Financial Plan-ning; and a 50 per cent stake in Alli-anceBernstein Australia Ltd.AMP is now at the back foot as its$12.8 billion bid for AXA Asia Pa-cific was passed second by a $14.2boffer by rival National Australia Bank.AMP is trying its level best by offeringa cash and stock offer, but that has been rejected by AXA Asia Pacific's

independent directors. AMP is also putin a tight spot after it declared its offerbest and final.In the bid there are various high leveladvisors involved such as JP MorganChase & Co is advising NAB; AXA isadvised by Macquarie Group; whileDeutsche Bank AG is advising AXASA and AMP is advised by UBS. Inthe mean time NAB does not expect its

bid to be completed until May orJune of this fiscal year and needsto overcome any hurdles that may be put in its way by the Austra-lian Competition and ConsumerCommission.But probable extension may workin the bank's favour because itcould tap more of its existingcapital to pay for its portion of

the deal instead of rising as muchas $1.5 billion from shareholdersas it originally planned.The plan to merge AXA AP withNAB's MLC wealth management business was first proposed in1997 and had remained an ambi-tion ever since. The two sides i.e.NAB & AXA SA were given thegreen light to start negotiationsafter the agreement between

AXA SA and its previous bidding partner AMP expired. NAB isnow free to deal directly withAXA SA.The deal is crucial as the contend-ing companies and financial advi-sories are keeping a close checkon the developments and anywrong move can affect the valua-tion and the bid acceptance orrejection.

Arcelor Mittal to hike stake in Uttam Galva

Volume II Issue 4 Page 5

The purchase is at a staggering 10% discount

By Nirmoy & Kamnashish

DATE

February 02, 2010

ACQUIRER

Arcelor Mittal, UK

ACQUIREE

Uttam Galva, India

DEAL VALUE

Rs. 422 crores

DEAL NATURE

Acquisition

PURPOSE

To sustain an-nounced and futureprojects

Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollarswhen you had hair. Sam Ewing

The promoter holding is at 40% inUttam Galva which means ArcelorMittal

may own upto 35% of the equity post the

deal.

Rajinder Miglani said, - The whole purpose of the

joint venture is to grow the business in India and trans-

form Uttam Galva Steel from a galvanized player to an

integrated steel maker.

DEAL SYPNOPSIS


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in 2008.The merger is aimed to comein the same league ofmultinational drug company as No-vartis India Ltd and Pfizer Ltd .The product mix of the two compa-nies will create Rs 1300 crore multi-national drug company.

The European Com-

mission

The European Com-mission has approvedthe deal, although thedecision is condi-tional upon the di-vestment of the cysticfibrosis testing busi-ness of Solvay's sub-sidiary Inn geneticsin Europe. The Com-

mission added that ithad concerns that thecompanies' high com- bined market shares

in CF testing could have harmed com-petition on the markets and customerswould have to face higher prices andless choice. The Commission also in-vestigated the potential effects of thetransaction on in vitro diagnosticsmarkets but decided that is no prob-

lem due to generally small incrementsand the presence of a sufficient num-ber of other credible competitors.The probe also found that competitionconcerns could be excluded in the pharmaceutical markets, due to thelimited horizontal overlaps betweenthe parties' activities and the lack ofhigh market shares.

Page 6SYMBIONT

Abbott US bets on Solvay Pharmaceuticals

Product mix is the main benefit

By Tom and Jimmy

US-based pharmaceutical firm AbbottLaboratories has decided to buy 20 percent share of Solvay Pharmaceuti-cals India business. Abbott Capital In-dia and Abbott Laboratories have madean open offer to acquire 10.09 lakhshares of Solvay Pharmacy India at Rs3 ,054.73 per share, the offer isworth of Rs 308

crore or $6.6 bil-lion. The offer toacquire will beopen on April 7and close on April26. DSP MerrillLynch Ltd is the banker to the of-fer.

Core

Competencies

Belgium basedSolvay Pharma isan industrial group active in Chemis-try. It offers a broad range of productsand solutions such as chemicals and plastics that contribute to improvingquality of life. Abbott Laboratoriesspecializes in Pharmaceutical Products, Nutritional Products, Diagnostic In-

struments & Tests, Medical & SurgicalDevices and Animal Health

Forecasts

The global merger will increase thesales of Abbott Labs to $3 billionwhich had revenue of about $30 billion

DATE February 16, 2010

ACQUIRER Abbott Laboratories,US

ACQUIREE Solvay Pharmaceuti-cals, India

DEAL

VALUE

$ 6.6 billion

DEAL

NATURE

Acquisition

PURPOSE To widen the productmix and product scope

Abbotts in vitrodiagnostics business

is a world leader in

immunoassays and

blood screening.

Abbotts broad

range of medical

tests and diagnostic

instrument systems

are used worldwide

by hospitals and

laboratories.

Wealth - any income that is at least one hundred dollars more a year than the income of one's wife'ssister's husband. -H.L. Mencken

TRIVIA

In 1985, the

company

developedthe

firstHIV

blood s

screening test.


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A spokesman of Goldman Sachs re- ported on Friday, February 19th, 2010that it planned to buy U.S. basedwarehouse and logistics companyMetro International Trade Services.Metro is a warehouse and logisticscompany that runs a global network ofLondon Metal Exchange approvedwarehouses for primary aluminum, alu-minum alloy, copper, lead, nickel, plas-

tic, steel, tin, zinc and plastics. It storesthese metals in warehouses at over 20locations worldwide.However the Goldman official did notreveal as to how much was the dealworth. It was told by a source to DowJones newswires that the warehousecompany which is based in Detroitwould be run under independent man-agement from Goldman Sachs and itwould retain its brand. Goldman Sachshas been a commercial customer ofMetro for some years now.Warehousing companies such as Metrocater to contagion financing throughwhich banks and other investors earnmillions of dollars by buying cashmetal at a lower cost andsimultaneously selling it forward at

higher prices. Warehousing companiesearn fees to store this metal. This dealwill give the U.S. investment bank abusiness specializing in the storage ofmetals traded on the London MetalExchange.It is believed by experts in the fieldthat Goldman Sachs is entering intothis deal for mainly two reasons:

(1) It believes it will make an accept-able return on its investment, both inthe contexts of an annual return andsubsequent capital appreciation.

(2) It believes that in future the worldresources are economically importantgoing forward.

Through this deal Goldman Sachs istrying to have a control over the costof carrying the metals trade.Warehousing and financing are big business, with banks and other inves-tors earning millions of dollars bybuying cash metal cheaply and simul-taneously selling it forward at higherprices, earning the difference.

Volume II Issue 4 Page 7

To have control over the cost of carry in the metals trade

By Anjali and Chippy

DATE

February 21, 2010

ACQUIRER

Goldmans Sachs

ACQUIREE

London Metal Ex-change (LME) ware-housing companyMetro InternationalTrade Services.

DEAL VALUE

Undisclosed

DEAL NATURE

Acquisition

PURPOSE

To have control overthe cost of carry inthe metals trade

DEAL SYPNOPSIS

Business is the art of extracting money from another man's pocket without resorting to violence. -

Max Amsterdam

Goldman purchases LME Warehousing Firm

This deal will give the U.S. invest-

ment bank a business specializingin the storage of metals traded on

the London Metal.


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Page 8SYMBIONT

QUIZ

TESTTHEM&AWATERS

1)Which bank is looking to pick up a significant stake but not majority

of it in Tata motors Finance?

2)What is the percentage of stake owned by Arcelor Mittal inUttamGalva will be?

3) What is the percentage of stake that Reliance capital holds in FameIndia after multiple acquisitions is ?

4) Name the Indian telecomm giant that confirmed $10.7 bn bid forZain Africa assests.

5) South Koreas _________________ has agreed to take a 10% stakein Brazilian shipbuilder Offshore Services X (OSX).

6) Retail major ________________ on Wednesday said that it willmerge the consumer durable business of its subsidiary with itself.

7) M&A activity in India reduced to half to $3 bn in Jan 2010 as com-

pared to Jan last year. True or False?

8) Name the retail giant planning to buy digital movie provider Vudu.

Clandestine Takeover

Mandatory Bid

Know Thy WordsMergers and Acquisitions Terminologies

The clause 40 of the Listing Agreement of stock exchange allows a person to buy up to 5%stake in a company without any prior permission. After 5%, they ought to inform the stockexchange.

This bid is laid by the offeror when he has 30% or more and less than 50% of the voting

rights of the offeree company and this should be in cash and the offer price should be the

highest price, which offeror had paid in the past 12 months for those shares.

By Akshay Thusoo, Sai, Deepika and Sudhakar


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Proxy Battles

They take place when the agenda items at the meeting are likely to be opposed by dissident

shareholders. Management of the company collects proxies to face these opponents in themeeting of Board of Directors.

Partial Bid

When a bid is made for acquiring part of the shares of a class of capital where the offeror in-

tends to obtain effective control. This is made for the equity shares.

Mandatory Bid

Pac-Man Strategy

This bid is laid by the offeror when he has 30% or more and less than 50% of the votingrights of the offeree company and this should be in cash and the offer price should be thehighest price, which offeror had paid in the past 12 months for those shares.

The target company attempts to take over the hostile raider. This happens when the targetcompany is larger than the predator.

Competitive Bid

This can be made by any person within 21 days of public announcement of the offer made bythe acquirer. This can be made by the public announcement and should be for the equal num-

ber of shares or more for which the first offer was made.

Holding company

The holding company would have more than 50% of the total voting power and has the con-trol on the other company.

Poison Put

A covenant allowing the bond holder to demand repayment in the event of a hostile takeover.

Consolidation

The fusion of two companies in which both the companies lose their identity and form a newcompany. Share holders get the shares of the new company.


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Page 10SYMBIONT

TOP TEN MERGERS AND ACQUISITIONS IN

INDIA

Sectors like pharmaceuticals, IT, ITES, telecommunications, steel, construction, etc, have provedtheir worth in the international scenario and the rising participation of Indian firms in signing M&Adeals has further triggered the acquisition activities in India.In spite of the massive downturn in 2009, the future of M&A deals in India looks promising.The ten biggest Mergers and Acquisitions deals in India recorded are as follows:

1. Tata Steelacquired 100% stake in Corus Groupon January 30, 2007. It was an all cashdeal which cumulatively amounted to $12.2 billion.

2. Vodafone purchased administering interest of 67% owned by Hutch-Essar for a total

worth of $11.1 billion on February 11, 2007.

3. India Aluminium and copper giant Hindalco Industries purchased Canada-based firmNovelis Incin February 2007. The total worth of the deal was $6-billion.

4. Indian pharma industry registered its first biggest in 2008 M&A deal through the acquisitionby Japanese pharmaceutical company Daiichi Sankyoof Indian majorRanbaxyfor $4.5billion.

5. The Oil and Natural Gas Corp purchased Imperial Energy Plcin January 2009.

The deal amounted to $2.8 billion and was considered as one of the biggest takeovers after96.8% of London based companies' shareholders acknowledged the buyout proposal.

6. In November 2008 NTT DoCoMo, the Japan based telecom firm acquired 26% stake inTata Teleservicesfor USD 2.7 billion.

7. India's financial industry saw the merging of two prominent banks - HDFC Bankand Cen-

turion Bank of Punjab . The deal took place in February 2008 for $2.4 billion.

8. Tata Motorsacquired Jaguar and Land Roverbrands from Ford Motor in March2008. The deal amounted to $2.3 billion.

9. 2009 saw the acquisition Asarco LLCby Sterlite Industries Ltd'sfor $1.8 billionmaking it ninth biggest-ever M&A agreement involving an Indian company.

10. In May 2007, Suzlon Energy obtained the Germany-based wind turbine producer Repower. The 10th largest in India, the M&A deal amounted to $1.7 billion.

Overseas investment by Indian companies has increased in Europe in particular. India is nowcounted among the five largest investors in British companies. Financial firms happen to be theprime targets. With an increase in the frequency of takeovers and joint ventures at a multinationallevel, Indian companies are also opening up to the idea of collaborating with foreign companies for

specific purposes like acquisition of research and establishing a brand image in specific sectors.

By Puneet Singh


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Page 11SYMBIONT

CROS

SWO

RD

Across

1. The process where a company tries to prevent ahostile takeover by selling a majority of its stockto a third-party that is seeking to help the com-pany, but not take it over. (9)

4. The fusion of two companies in which both thecompa nies loose their identity and form a newcompany. Share holders get the shares of the newcompany. (13)

7. A strategy used by the management of a targetcompany to delay any action by a given potentialacquirer, in the hope that a more attractive ac-quirer will surface. (7)

9. Provisions in the legal agreements on loans,bonds, or lines of credit. Usually written by thelender to protect its position as a creditor of theborrowers. (9)

11. Canada based company NOVELIS were ac-quired by this company with a deal amount of$5982 m. (8)

13. Recently twitter has acquired this company toenhance Geo location with $5.17 m. (5)

14. A premium paid to a raider to get him/her to ter-minate a takeover attempt. (9)

Down

2. Suzlon Energy acquired this company througha deal of $565 million recently. (6)

3. Terapia SA is acquired by this pharmaceuticalcompany with a deal amounted to $324 million.(7)

5. Zappos.com is acquired by this company for$847 m recently. (6)

6. Bangalore based mobile retailer Sangeetha mo-

bile acquired this chennai based company with adeal of 13 cr. (7)

8. Dr. Reddy's Lab acquired this company througha deal worth of $597 million. (9)

10. A bankrupt or insolvent company whichcontinues to operate while it awaits a closure ormerger. (6)

12. This company acquired Kenya PetroleumRefinery Ltd.. The deal amounted to $500million. (4)

By Ashim and Shweta


13/14

Page 12SYMBIONT

QUIZ ANSWERS

1. SBI2. 4.9%

3. 8.13%4. Bharti5. Hyundai Heavy Industries6. Pantaloon Retail (India)7. False (It has doubled)8. Walmart

CROSSWORD ANSWERS


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Sincere acknowledgment of the efforts of all the contributors for

their knowledge filled articles, crossword and quiz

ABOUT SYMBIONTSymbionts are organisms which come together for mutual benefit, just like companies gofor Mergers & Acquisitions.SYMBIONT is a monthly newsletter dedicated exclusively to Mergers & Acquisitions.

SYMBIONT also has an online forum for related discussions. The newsletter has always

aimed to enlighten the readers about the current happenings in the M&A circuit along

with interesting add ons like crosswords, terminologies, brain teasers and many more.

INSPIRED BY

Prof. Anirban Ghatak

(Coordinator- Christ University Institute of Management, Kengeri)

symbiont february 2010

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