Monday, August 08, 2005
As the post says the week gone by was perhaps one of the most exciting week's in the recent past. Seeing the kind of events which happened in the week gone by one can definitely remember this week for the days to come.
The week began with what can be termed as the acquisition of the year, Oracle acquiring I Flex solutions by purchasing close to 42 % of the stake of CITIGROUP in I flex. More on it is provided in the post below. The next in the list was again a very big buy out which did not create many a ripples in the Indian market but definitely in the west when Adidas acquired rival firm Reebok for 3.8 billion USD giving NIKE tough competition in the USA market. It was also the week when one of the mega merger in the Indian Pharmaceutical industry was called off. The merger between Matrix Laboratories and Strides Acrolabs was called off due to valuation problems. Ideally the merger between the two companies would have created an entity which would have been sixth biggest in the country in the area of Pharmaceutics. Reliance life Insureance acquired AMP Sanmar Insurance company. The torrential rains in Mumbai took the entire life out of the city putting the people into the worst of problems possible. Ofcourse the various data centers in Mumbai of various banks also got effected and this impacted the ATMs all over the country. Thanks to the DRS everything started working properly within a short while.
In the Bombay floods ONGC suffered huge losses when the bombay high oil well of the company went into fire and caused serious losses amounting to close to $ 500 m. The demerger of Reliance group of companies also took place which created 4 new companies on the name of Reliance.
So this week according to me was one of the most exciting weeks wherin lot of things in the Corporate India happened. Let's hope the action continues.