L&T Close to Naming Bankers for Satyam Deal
Larsen & Toubro Ltd. is close to naming Citigroup and Nomura as investment bankers to advise it on a possible deal with Satyam Computer Services Ltd., a person close to the matter said Friday.
“The papers should be signed within a couple of days,” the person said. He didn’t want to be identified.
Apart from Larsen, which currently owns a 12% stake in Satyam, the Hinduja Group, Indian software firm HCL Technologies Ltd. and the B.K. Modi-led Spice Group have expressed interest in bidding for Satyam.
Citigroup and Nomura couldn’t be immediately reached for comment. A Larsen spokesman declined to comment.
Activity among the potential bidders for Satyam seems to be picking up.
The Spice Group on Tuesday said it appointed Enam Securities Pvt. Ltd. as its investment banker and U.S. law firm Gibson, Dunn & Crutcher LLP as legal adviser as it finalizes plans to bid for Satyam. On the same day, Kiran Karnik — chairman of Satyam’s government-appointed board — had said the company will send a request for proposals to potential buyers within a week.
[ Continue reading original article at The Wall Street Journal ]