Vodafone's Sarin says formal bid for Hutchison Essar 'some weeks away' |
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Wed, 10 Jan 2007 10:34
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LONDON - Vodafone Group chief executive Arun Sarin will table a formal takeover offer for Hutchison Essar, India's fourth biggest mobile operator, in a matter of weeks, according to a spokesman for the company.Following a meeting with an Indian trade minister in New Delhi today, Sarin told waiting reporters that a formal offer for Hutchison Essar was 'some weeks away', said the spokesman.The bidding competition for Hutchison Essar started last month when Hutchison Whampoa, controlled by Hong Kong tycoon Li Ka-Shing, indicated it wants to sell its 67 pct stake in the firm.Hutchison has attracted four interested parties so far from domestic and foreign players who valued Hutchison Essar at between 14 bln and 18 bln usd, market sources said.simon.duke@afxnews.comsd/slmCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Vodafone, Reliance eyeing Indian mobile operator Hutchison Essar 