Petrol hike pumps hope for India
Raising prices at petrol pumps is never likely to be popular. India's brave decision will also prove meaningless unless it is followed by bolder action to cut the more generous diesel subsidies. But the direction of travel is right and if the journey continues India could just turn a corner, writes Jeff Glekin. Full Article
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UPDATE 3-Deals of the day -- mergers and acquisitions
** Megha Mittal will buy insolvent German luxury fashion house Escada ESCG.DE for an undisclosed price, the company said on Thursday. [ID:nL5537225]
** Swedish telecom equipment maker Ericsson (ERICb.ST) expects to close its acquisition of key assets of bankrupt Nortel Networks Corp NRTLQ.PK very soon, a senior company executive said. [ID:nL5576811]
** With China's President Hu Jintao visiting Malaysia next week, speculation is swirling that the Malaysian government may finally seal a deal to sell 10 percent of planter Sime Darby (SIME.KL) to a Chinese group. [ID:nKLR164838]
** Critical Information Group CIG.L has been given a Dec. 7 "put up or shut up" deadline to make a bid for British business publisher Centaur Media Plc (CAU.L), the UK's Takeover Panel said. [ID:nBNG272075]
** VEM, the owner of German generic drugmaker Ratiopharm, said it was satisfied with the first-round offers received for the forced sale of the unit, indicating that bidding could turn competitive. [ID:nL5415477]
** Deutsche Telekom AG's (DTEGn.DE) T-Mobile UK and France Telecom SA's (FTE.PA) Orange signed an agreement to combine their British units in a joint venture on Thursday, two months after both companies announced the plan. [ID:nL5241342]
** Liechtenstein's LGT bank and a group led by a former UniCredit Bank Austria (CRDI.MI) manager are both in talks to buy Constantia Privatbank, five sources with knowledge of the matter told Reuters. [ID:nL5437281]
** Turkey's Privatisation Administration will hold its final tender for three electricity distribution grids on Friday with companies that submitted bids last month, the board said. [ID:nL5423710]
** Germany's Otto, the world's largest mail-order company, has struck a deal to buy the Russian business and trademark rights of its insolvent local peer Quelle, it said. [ID:nL5423531]
** Swedish biotechnology group Biovitrum BVT.ST said it had signed a deal to buy drug firm Swedish Orphan, jointly owned by holding company Investor AB (INVEb.ST) and private equity firm Priveq. [ID:nL5662522]
** The Bronfman-Schron group is not in talks to sell its stake in Israel Discount Bank (DSCT.TA), a spokesman said after a report that controlling shareholders had received an approach. [ID:nL5451935]
** British mobile phone operator Vodafone Group (VOD.L) said it was ready to talk to Ghana about its purchase of a controlling stake in Ghana Telecommunications (GT) last year. [ID:nL5466920]
** Canada's Agrium Inc (AGU.TO) sweetened its hostile bid for U.S. rival CF Industries (CF.N) to $4.52 billion, the latest twist in a three-way takeover battle, but the offer failed to impress CF's investors and the company's shares fell 8.4 percent. [ID:nN0599370] (Compiled by Tina Kwan in Singapore and Shobhana Chadha and Fareha Khan in Bangalore)
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