Arab Today, arab today india\s essar energy rejects full takeover bid
Last Updated : GMT 16:55:22
Arab Today, arab today
Arab Today, arab today

India\'s Essar Energy rejects full takeover bid

Arab Today, arab today

Arab Today, arab today India\'s Essar Energy rejects full takeover bid

London - AFP

Indian energy company Essar rejected on Monday a full takeover bid from its majority owner Essar Global Fund Limited, saying that the offer undervalued the group. On February 17, EGFL, which owns 78.02 percent of London-listed Essar Energy, had offered 70 pence a share for the stock it does not own. Philip Aiken, chairman of an independent committee of the Essar board,  formed to consider the bid, said in a statement that "the current proposal from EGFL clearly undervalues the company and its long-term growth prospects".

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