Another big-ticket global acquisition by an Indian company is brewing. United Phosphorus and Tata Group enterprise Rallis India are in the race to acquire the world’s largest privately held crop protection and life sciences firm, Arysta LifeScience Corporation, from private equity firm Olympus Capital Holdings.
Sources close to the development said these two Indian companies were among the six contenders for the Tokyo-based firm. The acquisition is expected to cost nearly $2 billion (Rs 8,200 crore), or nearly double Arysta's turnover of 124.1 billion yen (Rs 4,400 crore) last year.
Other bidders include an Israeli firm, Australia’s Nufarm and Blackstone, the global private equity fund.
Olympus has put Arysta on the block and has appointed investment banks Goldman Sachs and Lehman Brothers for the sale. It had bought 8.7 per cent of Arysta in 2002 for around $80 million (Rs 320 crore). Since then, it has been gradually building up its stake.
(Source: Business Standard)
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