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Videocon Clears Hurdle In Acquisition of Electrolux India Unit
Aug 29, 2005
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The Hindu Business Line reports that Videocon's attempt to acquire Electrolux Kelvinator Ltd (EKL), the Indian business unit of AB Electrolux, cleared another hurdle when minority stakeholder Harish Kumar withdrew his 2003 Company Law Board (CLB) petition alleging that EKL and AB Electrolux failed to comply with takeover regulations.

Other issues of minority shareholder are yet to be satisfied. A CLB petition from minority shareholders said that AB Electrolux, if allowed to proceed with a fresh EKL rights issue, would then de-list EKL shares. Also an issue to minority shareholders is the likelihood that ABE Electrolux would buy back shares from existing independent shareholders at an "extremely beneficial" price.

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