The Competition Commission of India has recently given approval to both, Zuari Group and Deepak Fertilizers, to make the open offer to acquire a further 26 per cent stake in Vijay Mallya’s Mangalore Chemicals and Fertilisers Ltd (MCFL)..In its order dated September 4, the CCI held that the proposed acquisition by Zuari Group is not likely to have an appreciable adverse effect on competition in India and unconditionally approved the proposed acquisition..Earlier, Deepak Fertilizers and Chemicals also made a notification to the CCI for seeking approval of acquisition of stake in MCFL, which was approved by the CCI on July 30, 2014..This was the first time when the CCI was required to assess a competing bid situation and particularly, in relation to companies active in similar lines of business, according to Amarchand release..Amarchand Mangaldas Competition team acted for Zuari Group with a team led by Partner Shweta Shroff Chopra along with Principal Associate Aparna Mehra, Senior Associate Designate Vivek Agarwal and Associate Prateek Bhattacharya. The team was also guided by Senior Partner, Pallavi Shroff and Senior Advisor – European and Competition Law, John Handoll..AZB & Partners acted for Deepak Fertilizers with a team led by Competition Partner Samir Gandhi..The Securities and Exchange Board of India, which had given its go-ahead to the proposed stake purchase by Deepak Fertilizer and Zuari Group in MCFL, had also ruled that their respective open offers can commence only after the CCI’s nod. Now, with the CCI approvals both Deepak Fertilizer and Zuari Group can commence their open offers.
The Competition Commission of India has recently given approval to both, Zuari Group and Deepak Fertilizers, to make the open offer to acquire a further 26 per cent stake in Vijay Mallya’s Mangalore Chemicals and Fertilisers Ltd (MCFL)..In its order dated September 4, the CCI held that the proposed acquisition by Zuari Group is not likely to have an appreciable adverse effect on competition in India and unconditionally approved the proposed acquisition..Earlier, Deepak Fertilizers and Chemicals also made a notification to the CCI for seeking approval of acquisition of stake in MCFL, which was approved by the CCI on July 30, 2014..This was the first time when the CCI was required to assess a competing bid situation and particularly, in relation to companies active in similar lines of business, according to Amarchand release..Amarchand Mangaldas Competition team acted for Zuari Group with a team led by Partner Shweta Shroff Chopra along with Principal Associate Aparna Mehra, Senior Associate Designate Vivek Agarwal and Associate Prateek Bhattacharya. The team was also guided by Senior Partner, Pallavi Shroff and Senior Advisor – European and Competition Law, John Handoll..AZB & Partners acted for Deepak Fertilizers with a team led by Competition Partner Samir Gandhi..The Securities and Exchange Board of India, which had given its go-ahead to the proposed stake purchase by Deepak Fertilizer and Zuari Group in MCFL, had also ruled that their respective open offers can commence only after the CCI’s nod. Now, with the CCI approvals both Deepak Fertilizer and Zuari Group can commence their open offers.