Topic
privatization
Business Penske Automotive Soars on $13.8 Billion Take-Private Bid by Two Largest Owners
Penske Automotive Group shares surged after its two largest shareholders, Mitsui & Co. (USA) and Penske Corporation, announced a $210 per share bid to acquire the remaining 27.8% of the company and take it private, valuing the automotive retailer at $13.8 billion. The deal underscores consolidation in automotive retail amid technological shifts.
Finance IDBI stake sale back on table, government keen to speed up process with Fairfax, Emirates NDB in focus
The Indian government has resumed the process to sell its stake in IDBI Bank, holding high-powered meetings on Monday to accelerate the sale after previous bids were rejected for being below the reserve price. Two qualified bidders – Prem Vatsa's Fairfax and Emirates NDB – are under consideration. The Centre and LIC together hold a 94.7% stake and plan to sell 60.7%. The news lifted IDBI Bank shares nearly 3% to Rs 86.5 on BSE.
Commodities Energy security during Middle East crisis: Why India keeps relying on state-run oil firms despite privatisation bids
India's state-run oil marketing companies (OMCs) — IOC, BPCL, and HPCL — played a critical role in maintaining fuel supplies during the Middle East conflict, absorbing a 50% surge in global crude prices and preventing rationing. The crisis reinforced the strategic importance of these firms, which had twice been slated for privatisation, as they leveraged strategic reserves, reconfigured refineries, and coordinated logistics to shield consumers.