Comerica shareholders on Tuesday approved a $10.9 billion sale to larger rival Fifth Third Bancorp, the two companies said, ignoring an activist hedge fund’s calls to block the deal after having initially urged...
Banking
Saks Global prepares for bankruptcy after missing debt payment, WSJ reports
Saks Global is preparing to file for bankruptcy in the coming weeks after missing a debt payment tied to its Neiman Marcus acquisition, the Wall Street Journal said on Wednesday, citing people familiar with the matter...
PNB invites bids from ARCs for stressed assets
State-run Punjab National Bank (PNB) has invited offers from asset reconstruction companies (ARCs) to sell bad loans worth Rs 2,560 crore, including exposures of Rs 468 crore to Millennium Expressway, Rs 390 crore to...
CCI okays Blackstone’s proposal to acquire 9.99 pc stake in Federal Bank
Fair trade regulator CCI on Tuesday cleared US-based Blackstone’s proposal to acquire 9.99 per cent stake through warrants in private sector lender Federal Bank. Private equity firm Blackstone is acquiring a stake...
Mizuho Financial Group acquires Avendus from KKR
Mizuho Financial Group is buying a controlling stake in home grown investment bank Avendus, giving KKR an exit from its nine-year old investment, as Japanese mega banks continue to pick India to deploy significant...
Polish financial regulator gives green light for Erste’s takeover of Santander
The Polish financial regulator (KNF) has given a green light to Erste Group Bank AG’s purchase of a controlling stake in Santander Bank Polska, it said in a statement on Wednesday. Spain’s Santander, the...
Government to sell up to 3% stake in Indian Overseas Bank via OFS, sets floor price at Rs 34/share
The Centre will divest up to 3% stake in Indian Overseas Bank (IOB) through an offer for sale (OFS) that opens on Wednesday, December 17. The government plans to offload up to a 2% stake, or 38,51,31,796 equity shares...
RBI gives nod to HDFC Bank’s arms to acquire up to 9.5% in IndusInd Bank
The Reserve Bank of India (RBI) has granted approval to HDFC Bank to acquire up to 9.5 per cent in IndusInd Bank through its group entities — HDFC Mutual Fund, HDFC Life Insurance, HDFC ERGO General Insurance, HDFC...
HDFC Bank gets approval to acquire up to 9.5% stake in IndusInd Bank
HDFC Bank has received approval from the Reserve Bank of India (RBI) to allow its group entities to hold up to 9.50% stake in IndusInd Bank. The approval was granted through a letter dated December 15, and will remain...
Citi closes sale of 25% stake in Banamex to Mexican billionaire Chico Pardo
Wall Street giant Citigroup said on Monday it had completed the sale of a 25% stake in its Grupo Financiero Banamex to a company owned by Mexican billionaire Fernando Chico Pardo and his family. The deal, which was...
HSBC’s $13.6 billion buyout proposal wins Hang Seng Bank board committee’s nod
Hong Kong’s Hang Seng Bank said on Monday an independent board committee found HSBC’s $13.6 billion take-private offer to be fair and reasonable, and recommended its minority investors vote in favour of the...
Fairfax emerges as frontrunner to acquire government-LIC stake in IDBI Bank
Toronto-based Fairfax Financial is leading the race to acquire a controlling stake in IDBI Bank from the Centre and Life Insurance Corp of India (LIC) ahead of a December-end deadline for submission of financial bids...
