Daimler AG to Exit Tata Motors Ltd.
German carmaker Daimler is selling up to $429 million worth of shares in Tata Motors at a discount of up to 7 % to the stock's Monday Close (8th March’2009) of Rs 796.75. Citigroup is the banker to the deal.
As of December 2009, Daimler held 5.34% of Tata Motors' ordinary shares. The promoters hold nearly 38% while Life Insurance Corporation has 11.2% in the company.
Tata makes the world's cheapest car, the Nano, and also owns the UK-based Jaguar and Land Rover luxury brands.
Transaction Reference:ET
Daimler is in the process of setting up lightweight commercial vehicles project at Chennai to make trucks and buses from Mitsubishi Fuso stable for the local and export markets by 2010.Its five leading truck brands are Mercedes-Benz, Freightliner, Sterling, Western Star, and Mitsubishi Fuso.Daimler will build the Mitsubishi Fuso Canter truck in 2010.It has been assembling its Actros trucks and buses at Pune.
In 2008, Daimler had entered into 60:40 JV with the Hero group for manufacturing trucks by 2010. The Munjals exited the JV in April 2009 due to poor performance of the commercial vehicle segment. Daimler had bought out Hero’s 40% stake in Daimler Hero Motor for Rs 106 crore.
The Tatas exited from Mercedes Benz India, which was later called Daimler Chrysler India, as it entered into small car venture Indica. The collaboration was a 51:49 JV between Daimler and Tata Motors for manufacturing Benz cars in India.
| Readers' Comments | Post a Comment >> |
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 13/10/10 | Tata Motors - QIP | IPO / Offerings | 750.00 | |
| 09/03/10 | Tata Motors-Daimler- Exit | M&A | Citigroup Global Markets (Mauritius) Private Limited | 429.00 |
| 21/10/08 | Tata Motors - GDSs | IPO / Offerings | 750.00 | |
| 18/09/08 | Tata Motors Rights Issue | IPO / Offerings | 936.07 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 05/01/12 | M&A | Ring Plus Aqua Limited | Trinity India Limited (Formerly Trinity Die Forgers Limited) | - | Announced |
| 04/01/12 | M&A | JBM Cadmium Private Limited | TescoGo SPA | 37.62 | Completed |
| 02/01/12 | M&A | Varroc Engineering Private Limited | TriOM SPA | - | Completed |
| 02/01/12 | M&A | Hero EcoTech Limited | Ultra Motors | - | Completed |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Tata Motors Limited | Tata Group | Bombay House, 24 Homi Mody Street,Mumbai-400001 |
Mahindra & Mahindra Limited Ashok Leyland Limited International Cars & Motors Limited Daimler India Commercial Vehicles Private Limited Mahindra Reva Electric Vehicles Private Limited (Formerly Known As REVA Electric Car Company Private Limited) Urastun Metal Industries Private Limited |
www.tatamotors.com |
| Tata Sons Limited | Ratan Naval Tata & Family | Bombey House, 24 Homy Mody Street, Mumbai-400001 | www.tata.com | |
| Dealforwards |  |
| Jan 31, 2012... | Dell Set For India Acquisition: Hexaware, NIIT Potential Targets |
|
| Jan 31, 2012... | Flipkart Raises $150Mn From Accel Partners, Tiger Global |
|
| Jan 30, 2012... | 3i Group Invests $61Mn In Supreme Infrastructure |
|
| Feb 1, 2012... | Trishe Energy To Raise PE Funding For Wind Power Projects |
|
| Jan 31, 2012... | Radiowalla.in Raises Series A Funding From Ojas Venture Partners |
|
Editorial
India A Bright Spot For Otherwise Insolvent CalPERS
I heard that Calfornia Pension is going to default and I started wondering what could be India's contribution to that.
