Vodafone 'has won' bid for Hutchison Essar control - report |
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Published
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Sun, 11 Feb 2007 20:17
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LONDON (AFX) - Vodafone Group PLC has won the battle for control of Hutchison Essar with a bid giving it an enterprise value of 19 bln usd, reported the Financial Times online citing two people connected with other companies that also tabled offers.Vodafone did not return calls seeking comment.Vodafone has been competing with three Indian groups for a 67 pct stake Hutchison Essar. Reliance Communications, Essar and the Hindujas tabled bids.Essar, a conglomerate, already owns 33 pct of Hutchison Essar.Essar said in a statement: 'Vodafone's offer values Hutchison Essar at around 19 bln usd. This is a good price which reflects the premier position of Hutchison Essar as India's leading operator. Essar owns 33 pct of the company and we are delighted that Hutchison and Essar have together created this value.'We have been offered by Vodafone to be their partner. We are at the moment evaluating all our options in the best interests of the group.'newsdesk@afxnews.comcmlCOPYRIGHTCopyright 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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India's Essar bracing for big fight with Vodafone over Hutchison Essar - report 