VOLU ME
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SYMBIONT
Happy New Fiscal Year 2010-11!!!!
It’s time to bid adieu to the fiscal year 2009-10 and
wholeheartedly welcome 2010-11. Rewinding the
memories of the happenings of 2009-10 remind the
significant achievements of the year and its contri-
bution to the concrete foundation for the year
ahead. The proof is in the numbers: From a low of
8,100 in early March, the BSE Sensex has now
peaked 17, 600 points. The extreme pessimism at
the beginning of the year made way for hope when
Manmohan Singh swept to power. With Pranab
Mukherjee back at the North Block, markets rose
further on hopes of better management of the econ-
omy by a group of highly qualified minds that in-
cluded Montek Singh Ahluwalia, C Rangarajan
and D Subba Rao. The stock market has given
thumbs up to the optimistic and future looking
Budget’10.
In the ground of M & A, 2009-10 witnessed a huge
fall from the previous year in terms of total deal
value. The lower valuation of the firms compared
to their implicit value and the global recessionary
pressures were the main reason behind it. But the
domestic and cross border deals were back in the
front page in the last two quarters, while the first
two quarters were busy in consolidating and laying
the foundation.
The year has witnessed the big ticket Bharti-MTN
deal and its dual listing controversy. On the do-
mestic front banking sector saw the deals between
HDFC and Centurion bank of Punjab, merger of
State bank of Indore with its parent body State
Bank of India. The year’s most talked about event
of Tech-Mahindra’s winning of Satyam bid hap-
pened in April’09. In Health care sector, Fortis
Healthcare acquired Wockhardt hospitals. Indian
public telecom players BSNL and MTNL joined a
consortium to acquire Zain Telecom to foray into
foreign market, but the deal didn’t see the light of
the day. Recently, after the failed effort to join
2
28TH MA RCH 2010
By Surajit Mandal
hands with MTN Bharti telecom is eyeing Zain
Telecom’s African assets. The acquisition of 70%
stake in Bangladesh’s 7th largest telecom player
Warid added feather to Bharti’s cap.
In the international ground the deals between
Chrysler-Fiat, Volkswagen-Suzuki changed the
dynamism of the auto industry. Black Rock’s ac-
quisition of Barclay’s investment arm made
Blackrock World’s largest money manager.
Kraft’s takeover of prestigious British brand Cad-
bury saw the green light from shareholders in
Jan’10 after a series of controversy and deal
sweetening. The deal materialized for a whooping
£11.6 bn. Technology pioneer Oracle locked the
deal with Sun Microsystems and Entertainment
giant Disney acquired MVL in the gone past fiscal
year.
The last quarter has seen significant outbound
deals of Indian industries which include Renuka
Sugar’s acquisition of Brazilian Equipav and Reli-
gare’s deal with Northgate Capital. The deal of
American Tower Company’s acquisition of Essar
Telecom Infrastructure was the only inbound deal
of the period.
On the back drop of Global economic recovery,
the valuation of troubled overseas assets has risen
significantly to kick off the discussion of the op-
tions of potential deals. In the Indian counterpart,
the confidence of Indian companies has returned
and access to capital is much easier now. Both
Indian and foreign companies are opportunistic
and looking for the deals now. So, the coming
fiscal year promises a great future of outbound
deals. Sectors like telecom, IT and pharma will be
the front runner in the race. However sectors like
automobiles, hospitality and steel also have a huge
potential. So tighten your seat belts and watch out
for what the new fiscal year has in its reserve.
 Exane pots Aegis; eyes product diversification
It is a part of the dual deal activity at Exane BNP
By Tom and Jimmy

DATE Feb 24, 2010

ACQUIRER Exane BNP Paribas
ACQUIREE Aegis
DEAL VALUE Undisclosed
DEAL NATURE Acquisition
PURPOSE To strengthen the company product offerings
portfolio.

Aegis was one of two companies Equity Derivatives: Exane Deriva

FACTOID added to the mergers & acquisitions
target list at Exane BNP Paribas; the
ited is
Aegis Lim the other, Dana Petroleum, the mid-cap
d in
recognize oil & gas group group. Assessing
ategory in
leader’s c the prospects for deal activity, the
Global
2010 The 00 list broker said that while the recovery
g1
Outsourcin ational is unlikely to trigger a boom in
rn
by the Inte on mergers and acquisitions, "there
Associati g will undoubtedly be some transac-
rcin tions and these will probably be
of Outsou ls
a concentrated in sectors such as
Profession pharmaceuticals, mining, telecoms
and media.
As a leader in customer care and
acquisition for over three decades,
Aegis has a track record of intro-
ducing process and technology in-
TRIVIA novations. everal Fortune 500 cli-
ents trust Aegis to manage their cus-
Aegis is the developer tomer interaction, back office and
of the Global Delivery other routine business processes.
Model for NASSCOM,
Exane is an investment company
the premier trade body specialising in 3 businesses:
and the chamber of Cash Equities: Under the brand
commerce of the IT- name Exane BNP Paribas, Exane
BPO industries in India provides institutional investors with
a range of services, such as re-
search, sale and execution on Euro-
pean equities.
tives has built a robust structured
products franchise, based on its
longstanding leadership in European
convertible bonds and options.
Asset Management: Exane Asset
Management is the leading long/short
equity fund manager in France. Its
expertise also includes structured
product management.
Like Aegis, Dana often features in the
market rumour mill. Last November,
for instance, the stock was in focus
amid chatter regarding the possibility
of a 1,700p approach from BP. Be-
sides the prospect of an all out bid
from a large oil company, Exane said
Dana's gas assets could be of interest
to utilities seeking gas reserves to re-
duce their dependence on Russia and
Norway, adding: "The head of Eon’s
Pan-European Gas division has re-
c e nt l y c o n f ir me d t hat E &P
[exploration & production] was in-
creasingly a strategic matter."
Aegis has appointed Jerry Buhlman as
the new Chief Executive Officer of
the company and the company is ex-
pected to see a 15% projected year on
year growth for the year 2010,
amongst the industry highest.

In the business world, everyone is paid in two coins: cash and experience. Take the experience first;
the cash will come later‖ - Harold Geneen

3
 P AGE 4
Corus sells 50 percent stake in Cindu Chemicals
Long term benefits accrue the company in a non-core activity
By Nirmoy & Kamnashish
Corus, the British-Dutch subsidiary
of Tata Steel, has sold its 50 per cent
stake in Cindu Chemicals, a Dutch
chemicals company. It sold its stake
to Koppers International BV, a
wholly owned subsidiary of Koppers
Holdings Inc, for an undisclosed con-
sideration. Koppers International is a
global producer of carbon com-
pounds.
The deal was concluded on 1st
March 2010.The company said in
press gathering that decision to sell
the tar distillation plant to Koppers
International in Uithoom had been
taken because ―tar processing is not a
core activity for Corus‖. The com-
pany did not reveal the financial de-
tails of the transaction but said the
transaction secured the future for the
business while ensuring no disruption
of supplies to a long-term business
partner.
Cindu Chemical’s primary products
are similar to those of Koppers’ Car-
bon Materials and Chemical business
and include carbon pitch, naphtha-
lene, carbon black feedstock and spe-
cialty coatings. In 2008 Cindu
Chemical reported sales of 50 million
Euros ($67.4 million).
― I don't pay good wages because I have a lot of money; I have a lot of money because I pay good
wages‖ - Robert Bosch
On 30 January 2007, Tata Steel, part
of India's Tata Group, purchased a
100% stake in the Corus Group. The
deal is the largest Indian takeover of a
foreign company and made Tata Steel
the world's fifth-largest steel group.
The purchase includes a 140,000 DATE
metric ton tar distillation plant in
Uithoorn, Netherlands and storage March 1, 2010
tanks at the Port of Amsterdam.
Koppers first announced its intent to ACQUIRER
purchase Cindu Chemicals in De-
cember. Also, in December the com- Koppers
pany closed a deal to buy Arkansas- International
based crosstie procurement business
Barham-Sevier Tie Company Inc.
Koppers purchased 100 percent of ACQUIREE
the outstanding shares of Cindu
Chemicals from its joint owners Corus Steel
Cindu B.V. and Corus Staal B.V.
using cash on hand in Europe, the DEAL VALUE
company said. Additionally, Kop-
pers inked a long-term tar supply $14 Billion
contract with Corus Staal for raw
materials needed for the Netherlands DEAL NATURE
plant.
Acquisition
In February the company reported
that it had swung to a loss in the
fourth quarter and its year-end net PURPOSE
income fell 86 percent to $18.8 mil-
lion, or 91 cents a share. To stabilize
business in core
Last month, Tata Steel Europe re- activities for the
ported that turnover in its third quar- long-term benefits
ter was down 36 per cent compared
with the same period a year before.
4
 Daimler to shed stake in TATA motors
The five decade long relation comes to an end with the birth of a
competitor for TATA Motors in the truck segment
By Anjali & Chippy
DATE March 08, 2010
ACQUIRER Tata Motors, India
ACQUIREE Daimler AG, Germany
DEAL VALUE Rs.300 Crore
DEAL NATURE Demerger
PURPOSE To strengthen its own activities and wholly
participate in the growth opportunities lying
in the car and commercial vehicle sectors.

FACTOID As per media reports on March 8th
and consequently thereafter it is be-
It is the parent lieved that Daimler AG has sold all
company of the of its 5.34% of the ordinary shares
Vodafone McLaren that it held in Tata motors. These
Mercedes racing shares have been sold to various
investors through the capital mar-
team McLaren
ket. It was reported on March 10th
Group, and Japanese that Tata Motors largest promoter
truck maker Mitsubi- Tata sons had bought four million
shi Fuso Truck and shares of the former from Daimler
Bus Corporation. for Rs 300 crore. This purchase has
helped it raise its stake in the com-
mercial and passenger vehicle giant
TRIVIA by nearly one per cent.
DaimlerChrysler had Apart from Tata Sons, which
reportedly approached bought the shares at Rs 750, the
other carmakers and other big buyer was Citigroup
investment groups to Global Markets (Mauritius) Private
sell Chrysler in early Ltd which bought a little over 4.65
2007. General Motors million shares for Rs 350 crore. The
was reported to be a share prices of Tata motors had sig-
suitor while Volks- nificantly risen over the years espe-
wagen, the Renault- cially last year. Thus Daimler was
Nissan auto alliance, able to make a pretty good deal of
and Hyundai Motor about approximately €300 million
Company had said that for 25.59 million shares sold at an
they weren't interested average price of Rs.751.67. Accord-
in buying the company. ing to the statement given by Daim-
ler they had consulted Tata Motors
before the exiting from a company
with whom it was associated with
for nearly five decades. This transac-
tion is said to have not caused any
harm to the long standing relationship
with the company.
The primary reason for Daimler to
have divested is said to be that it wants
to strengthen its own activities and
wholly participate in the growth op-
portunities lying in the car and com-
mercial vehicle sectors. In the year
2009, Daimler Trucks had founded its
own production company, Daimler
India Commercial Vehicles Ltd.
(DICV), which is building a new plant
in Chennai.
Daimler wanted to raise capital
through this transaction and contribute
it towards its advent of commercial
plans in India. As stated earlier this
transaction is believed not to have dis-
turbed the relationship both the com-
panies share. And it remains to be
seen what happens after 2012 when
Daimler starts producing light, me-
dium and heavy-duty commercial ve-
hicles for the Indian volume mar-
ket.

―Too many people think only of their own profit. But business opportunity seldom knocks on the door
of self-centered people. No customer ever goes to a store merely to please the storekeeper‖ - Kazuo

5
 P AGE 6

Fortis Health acquires 23.9% in Parkway Holding

Registers itself as the biggest shareholder
By Prathibha Soni and Jose

"This acquisition will significantly expand

our footprint across the region and place us
strategically for geographical and clinical
leadership in Asia, a big step closer to our
vision of establishing a global healthcare de-
livery network," Malvinder Mohan Singh, the
current chairman of Fortis Healthcare said

DATE
Fortis Health care, in the largest It has a network of 16 hospitals hav-
overseas deal in healthcare, will ac- ing 3,400 beds spread over six coun- March 11, 2010
quire 23.9% strategic stake in Singa- tries, including India. The company
pore based healthcare group, Park- has earned a profit of $82 million on ACQUIRER
way Holdings from TPG Capital, in a turnover of $700 million in 2009.
an off – market deal estimated to be Fortis HealthCare
Rs3,118 crore. Malvinder M Singh, Payment
Fortis Healthcare chairman, will be  The deal is planned to be closed
the chairman of the acquired com- by next week ACQUIREE
pany and will have management
control. Fortis will be the largest  Part payment is planned to be TPG Capital
shareholder in Parkway, followed by made through short-term loan
Malaysian state fund, Khazanah Na-
sional Bhd, holding 23.32%.  Internal accruals DEAL VALUE

This will enable Fortis to have a
foothold in Singapore and Malaysia
and while making it the biggest pri-
vate hospital network in Asia.
Parkway
Parkway has a network of 16 hospi-
tals having 3,400 beds spread across
Singapore, Malaysia, Brunei, China,
the United Arab Emirates, as well as
one hospital in Kolkata in partner-
ship with Apollo, and a Greenfield
project in Mumbai. Parkway, one of
Asia's premium healthcare providers
is listed on the Singapore Stock Ex-
change, and has a market capitaliza-
tion of $2.4 billion.
 Foreign currency convertible $685.3 million
bonds
Recent rights issue will be used to DEAL NATURE
fund the remaining deal
Acquisition
Fortis has identified healthcare and
financial services as their clear area
of focus. PURPOSE
The Stocks Expansion and clini-
The Fortis deal values Parkway cal leadership in Asia
shares at S$3.56 each, higher than its
Thursday closing price of S$3.12.
Shares of Fortis Healthcare rose at
least 5% to a 52-week high of
Rs179.20 after the news was
announced.

―Give a man a fish and he will eat for a day. Teach a man to fish and he will eat for a lifetime. Teach a
man to create an artificial shortage of fish and he will eat steak‖ - Jay Leno

6
 Wal-Mart to buy digital movie provider Vudu
The domain of entry is a lucrative and untouched by the retailing giant
By Rachana and Surya

DATE Not yet happened

ACQUIRER Wal-mart
ACQUIREE Vudu
DEAL VALUE Not yet disclosed
DEAL NATURE Acquisition
PURPOSE Expanding on to the video on demand business

FACTOID Wal-Mart proposed to buy the broad-
band entertainment provider Vudu ,a
VUDU, a movie rental deal that gives the world's biggest
service, lets you stream retailer the ability to sell movies di-
movies directly to your rectly through TVs and Blu-ray play-
ers over the Internet.The deal was
HDTV from the Vudu
confirmed on Monday February 22 nd
service and—much like 2010.Vudu, based in Santa Clara,
your cable provider— California, was founded in 2004 and
sends new movies your funded by venture capital firms
way each month in an Greylock Partners and Benchmark
exceptionally well- Capital. Vudu has licensing agree-
designed package. ments with major movie studios
and distributors for about 16,000
TRIVIA movies. Its movies cost $3.99 to
rent or $19.99 to purchase.
Wal-Mart operates in
Mexico as Walmex, in Wal-Mart already sells devices
that have Vudu capability. Vudu's
the United Kingdom as
HD on-demand movie service has
Asda, in Japan as Seiyu, been embedded in TVs and con-
and in India as Best nected media players from major
Price. It is the world's consumer electronics makers such
largest public corpora- as Mitsubishi, LG, Samsung,
tion by revenue, accord- Sanyo, Sharp, Toshiba, and Vizio.
ing to the 2008 Fortune Combining VUDU’s unique digi-
Global 500 . tal technology and service with
Walmart’s retail expertise and
scale will provide customers with
unprecedented access to home en-
tertainment options as they mi-
grate to a digital environment.The
deal could give Wal-Mart a way to
compete with electronics rival
Best Buy Co., which partnered with
Sonic Solutions for Now movie-
downloading software on all web-
connected devices sold in Best Buy’s
US stores.Vudu is also excited about
the opportunity to take their com-
pany’s vision to the next level.
VUDU’s services and Apps platform
will give Walmart a powerful new
vehicle to offer customers the content
they want in a way that expands the
frontier of quality, value and conven-
ience.
Either way, the acquisition could put
some serious pressure on companies
that are providing competing video
and app platforms and devices as well
as download services like Apple’s
iTunes store and Amazon’s VOD ser-
vice. Fast forward to 2010, and the
picture looks decidedly different. It’s
unclear what the acquisition will
mean for these deals, but one could
imagine that Wal-Mart would be in-
terested in running Vudu as an inde-
pendent unit for the time being, if
only for the fact that retail competi-
tors like Best Buy might shy away
from selling TVs with Wal-Mart
branded software.

―Your most unhappy customers are your greatest source of learning‖ - Bill Gates

7
 P AGE 8
Schneider Electric targets Zicom Electronic Security Systems
To acquire electronic security system business units
By Chinnu and Sudhakar

Zicom Chairman Manohar Bidaye

Mr Alain de Lambilly, Senior Vice-President business where we are a dominant
Asia Pacific Region, Schneider Electric
(left), with Mr Manohar Bidaye Chairman,
Zicom Electronic Security Systems
said, “It is a good time to exit the
business, when the value is attrac-
tive, and to focus on building the
remaining retained business, as the
security industry is undergoing sea
change, particularly the integration
brand.”

From 1836 to now, Schneider Elec-
tric has transubstantiated itself into
the global specialist in energy man-
agement. Starting from its roots in
the iron and steel industry, heavy
machinery, and ship building, it
moved into electricity and automa-
tion management. After 170 years of
history, Schneider Electric has be-
come today the solution provider
that will help to make the most of
our energy. It customer base in-
cludes Electrical utilities, water &
waste treatment plants, Public-sector
investors, oil & gas infrastructure,
Marine sector, etc.
Zicom has been a change-leader
since inception and bringing to the
market superior products and ser-
vices that best address security de-
mands. Zicom is the largest elec-
tronic security systems provider in
the country, with offices in over 30
cities and towns, employing over
400 people. Until the advent of Zi-
com, electronic security systems
were seen as complicated devices
that cost the earth. There strategic tie
-ups with global leaders ensure a
steady stream of relevant technology
and know-how, to cater to any de- DATE
manding situation. Scientific train-
ing and work environment at Zicom March 5th 2010
prove conducive to better productiv-
ity and customer service. ACQUIRER
Schneider Electric India Pvt., Ltd., Schneider Electric
signed an agreement with Zicom
Electronic Security Systems Limited ACQUIREE
to acquire the assets of their elec-
tronic security systems integration Zicom Electronic
business, namely the Building Solu- Security Systems
tions Group and the Special Projects
Group. The transaction is valued at DEAL VALUE
approximately INR 2, 250 million
($49.15 million). This transaction Rs 2250 million
doesn’t include Zicom’s other group
companies. The transaction is ex- DEAL NATURE
pected to occur in April 2010.
Acquisition
In order to improve focus on the re-
tail segment, which is expected to PURPOSE
deliver high growth with higher mar-
gins, Zicom has signed a Business To acquire the assets
Transfer Agreement with Schneider of their electronic
Electric for the integration business security systems inte-
comprising of BSG & SPG business gration business
which caters to institutional & gov-
ernment markets.

―The competitor to be feared is one who never bothers about you at all, but goes on making his own
business better all the time‖ - Henry Ford

8
 CROSSWORD

By Shweta, Anish and Ashim

Across DOWN
1. Recently RIL, India's biggest firm tried to
2. The acquisition of a assets in which re-
acquire this Rtterdam-based chemical maker
turns on the asset are not related over time.
with a deal of upto $14.5 billion, but failed.
(15)
(8)
3. The degree of price fluctuation for a given
6. Gujrat based dye manufacturer and ex-
asset, rate or index . (10)
porter, Kiri Dyes and Chemicals (KDCL), has
acquired this Germany-based multinational
4. Information system that calculates the
firm by paying € 50 million. Name the firm.
change in stock inventory acquisition prices.
(6)
(10)
7. Sales fee that a buyer paysin order to ac-
5. This Pune based firm signed a deal with US
quire an asset. (9)
-based Babcock & Wilcox Power Generation
Groups for forming a joint venture (51:49) to
manufacture supercritical boilers for the In-
dian power sector. Name this power
generation firm. (7)

―Good business leaders create a vision, articulate the vision, passionately own the vision,
and relentlessly drive it to completion‖ - Jack Welch

9
 By Akshay, Deepika & Sai

THE MATCHSTICK QUESTION

1. Godrej Consumer Products (GPCL) is going to acquire which South
African soap brand, which will be its third acquisition in a row after
Rapidol and Kinky in South Africa?

2. The threshold for open offer may rise from 15% to ____ % , as SEBI has
appointed a panel to reformulate it.

3. What is the deal size for the acquisition of Singapore’s Parkway by

Fortis Healthcare Ltd?
QUIZ

4. State Bank of India (SBI) is eyeing a stake in ___________.

5. Essar Group plans to raise about $ 3 billion by listing its power and
energy businesses on which bourse?

6.IL&FS arm bought________% stake in The Mobile Store.

7.Which Europe based firm has acquired a 26% stake in the logistics and
harbour operation services subsidiary of Tata Steel Ltd?

8. Essar Group is in the advanced stages of negotiations to acquire which

US based firm for about $ 550-600m to meet the rising raw material re-
quirement of its steel business?

CASE STUDY

HP-COMPAQ: A FAILED MERGER?

(Source: ICMR India)

The Rationale for the Merger

In the late 1990s, the PC industry slipped into its worst-ever recessionary phase, resulting in losses of
US$ 1.2 billion and 31,000 layoffs by September 2001. According to analysts, with the computer in-
dustry commoditizing and consolidating very fast, mergers had become inevitable.

The HP-Compaq merger thus did not come as a major surprise to industry observers. The details of
the merger were revealed in an HP press release issued soon after the merger was announced. The new
company was to retain the HP name and would have revenues of US$ 87.4 billion - almost equivalent
to the industry leader IBM (US$ 88.396 billion in 2000).

Under the terms of the deal, Compaq shareholders would receive 0.6325 share of the new company
for each share of Compaq. HP shareholders would own approximately 64% and Compaq sharehold-
ers36% of the merged company. Fiorina was to remain Chairman and CEO of the new company while
Capellas was to become the President.

10
The Merger Integration

The new HP developed a white paper giving complete details of its post-merger product strategy. The
HP and Compaq brand names were retained for desktop PCs and notebooks for both consumers and
commercial segments. The merged entity supported Compaq's brand name for its servers while it con-
tinued with HP for workstations. The electronic shopping sites of both the companies were also inte-
grated.

To make the merger work, the new HP initially focused on two areas - avoiding culture clashes inter-
nally and reducing any problems to the customers. The company devoted a significant amount of time
in planning to minimize any instance of culture clashes that usually happened in such mega-mergers.
The task of ensuring this was given to Susan Bowick, HP's Senior VP of HR. She put all employees
through a training workshop named as 'Fast Start,' designed to explain the merged entity's new organ-
izational structure and allow employees overcome concerns about their new co-workers. HP also
made efforts to strengthen its image as a single unified company.

Does the Merger Make Business Sense?

Soon after the HP-Compaq merger deal was approved by the HP's board and its shareholders in March
2002, industry analysts termed the deal as a strategic blunder. Critics ridiculed Fiorina by saying that
one bad PC business merged with another bad PC business does not make a good PC company.

Many analysts felt that the synergies HP foresaw would not materialize easily. They said that the
merged company would have to cut costs drastically in order to beat Dell in PCs, while constantly in-
vesting money in research and development and consulting to compete with IBM and Sun Microsys-
tems.

In the high-end server markets, IBM and Sun Microsystems were constantly introducing new prod-
ucts. Since more than half of the new HP's sales came from low-margin PCs, analysts expressed con-
cerns that it would not have enough cash to invest in R&D in order to compete in the high-end mar-
ket.A few HP divisions that were big revenue earners were not able to contribute correspondingly to
profits. An analysis of the company's business segment revenues in the fiscal 2004 revealed that the
Enterprise Storage & Servers and the Personal Systems divisions, the erstwhile Compaq strongholds,
brought in revenues of US$ 39.774 billion, comprising approximately 50% of HP's total revenues
(Refer Table II for HP's business segment information for the fiscal 2002 to 2004).

However, the operating profits from both these divisions combined were US$ 383 million, less than
1% of the divisions' revenues. Moreover, the total contribution of these two divisions in the overall
operating profits of HP of US$ 5.473 billion was just 7%. Another major business of the erstwhile
Compaq, HP services which generated revenues of US$ 13.778 billion, witnessed a fall in operating
profits from US$ 1.362 billion in fiscal 2003 to US$ 1.263 billion in fiscal 2004. HP's own imaging
and printing was the only business division that posted respectable operating profits of US$ 3.847
billion.

The Challenges Ahead

Due to her inability to revive the performance of hardware businesses, HP's board asked Fiorina to
step down as the company's Chairman and CEO on February 09, 2005. The day Fiorina resigned; the
shares of HP increased by 6.9 percent on the New York Stock Exchange. Commenting on this, Robert
Chirac, an analyst with Fulcrum Global Partners said, "The stock is up a bit on the fact that nobody
liked Carly's leadership all that much. The Street had lost all faith in her and the market's hope is that
anyone will be better..."

11
QUIZ ANSWERS

1. TURA
2. 35
3. $ 685.3m
4. Tata Motors Finance
5. London
6. 10
7. NYK Holdings
8. Trinity Coal
CROSSWORD SOLUTION

12
Sincere acknowledgment of the efforts of all the contributors for their
knowledge filled articles, crossword and quiz

ABOUT SYMBIONT

Symbionts are organisms which come together for mutual benefit, just
like companies go for Mergers & Acquisitions.
SYMBIONT is a monthly newsletter dedicated exclusively to Mergers &
Acquisitions. SYMBIONT also has an online forum for related discus-
sions. The newsletter has always aimed to enlighten the readers about the
current happenings in the M&A circuit along with interesting add ons like
crosswords, terminologies, brain teasers and many more.

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