Volume II Issue 4

28th February 2010

SYMBIONT
GREEN SHOOTS IN THE
ECONOMY AND IN M&As
A RECOVERY REVIEW

With the advent of influencing factor. An

example is Liquor in-
teams like Kings XI
Punjab, Delhi Daredev-
Quarter 2 2009, the In- dustry. The liquor in- ils and Rajasthan Roy-
dian and global econ- dustry in India contains als may soon see a
omy has given green in itself one market change in ownership
shoots of recovery from leader called UB Year 2009 has shown
the financial meltdown Group. UB Spirits, that the economy is no-
Inside this issue: and the spotlight is which held a nominal where near stopping
back on mergers and 22% of the market in from exclusive match
RIL bid for 2 acquisitions. This is
LyondellBasel 2001, emerged as an makings. It will just get
increasingly visible in undisputed leader by better in the years to
the once high growth 2005 with more than come and definitely,
Bharati Zain to Lock 3
the deal
sectors, example airline 50% market share. The with the upheaval of the
industry in India till biggest of mergers and economic slowdown
Arcelor Mittal to 5
December 2007, which acquisitions is seen in and the careful dealings
hike stake in Uttam attracted a host of new telecom reasoned by the after the 2008-09 set-
entrants that are now overflowing new en- backs, companies are
Quiz 8 struggling to stay trants. Telecom is a taking in strategic steps
afloat. Similarly, in- heavily distributed with in order to prepare
stances are of compa- six major players and themselves against ga-
Know Thy Words 8 nies that over diversi- other four of whom loring competition, slot-
fied over the last few have recently entered. It ting of companies into
years in a bid to grow will be the year 2011, major brackets and ris-
Top 10 M&A in 10 and are now finding it when the lock-in period
India hard to sustain them- for the new telecom
selves. Take retail, for providers comes to an By - Akash Sablok
Crossword 11 example. Subhiksha, end and is expected to
Vishal Megamart and be a booster year for
Nilgiris are in trouble. many telecom deals.
Add to this factors like Last but not the least,
dw ind l ing ma r ket the Indian Premier
share, falling margins League. With teams
and return on capital now being allowed to
employed, coupled with sell their stakes, there
fragmentation in the will definitely be team
sector and you have the owners looking at exit-
perfect set up for con- ing their IPL invest-
solidation. Sometimes ments. And even as this
the huge size of key story goes to press, ru-
player can also be an mours are rife that
 SYMBIONT Page 2

RIL bid for LyondellBasell

To create a global energy and chemicals powerhouse through synergy
By Vasanth and Surajit

Houston based LyondellBasell In- issues. The management of LBI is

dustries (LBI), the world’s third
Lyondell largest independent chemical pro-
ducer, is under a tough time, stand-
Chemical ing on the verge of bankruptcy.
Company was Lyondell is basically a chemical gi-
ant from US acquired by Basell In-
the third largest dustries in Dec 2007. LBI is head
quartered at Rotterdam, Netherland.
independent The joint entity is facing a tremen-
chemical dous challenge of bankruptcy with a
debt of $ 20 billion. LBI has filed a
manufacturer in bankruptcy protection in January
2009 and to protect the same the in-
the United States. ternal restructuring process is on.
Mukesh Ambani controlled Reliance
Industries Limited, India’s largest
A IA
VIIV
TIR
TR private sector refiner, has offered
about $12 billion in cash to acquire a
The European majority stake in international petro-
finance division chemical group LyondellBasell In-
and American dustries in November 2009. It was a
operations of preliminary offer upon the firm’s
LyondellBasell emergence from bankruptcy protec-
have filed for tion and subject to customary con-
bankruptcy effec- ditions including the liabilities the
troubled firm owns.
tive January 6,
2009.
LBI is going through the debt re-
structuring process and the bank-
ruptcy court hearing began. They are
trying to come out of the turmoil on
their own through 2.5 billion right
well aware of the RIL’s offer and
they are considering it as the last al-
ternative.
However the preliminary bidding of
$12billion was discarded and to buy
some time to watch the move of LBI
and bankruptcy court Reliance has
revised the offer to $13.5 billion in
January this year. Even that also re-
jected by LBI board. The proposed
valuation of the firm stands nearly
$15.5 billion. To further sweeten the
deal RIL has offered $14.5 billion for
acquiring the controlling stake of the
firm in Feb’ 2009. Now the option
includes cash or equity in the com-
pany.
If the deal materialized, the joint en-
tity would create a global chemical
and petrochemical giant with esti-
mated revenue of $80 billion annu-
ally. The world's third-largest inde-
pendent chemical company LBI
would give RIL petrochemical plants
two oil refineries and access to the
US fuel market. Till date Tata-Corus
$12.3 billion deal is the highest value
acquisition by any Indian firm. This
deal has the potential to surpass that.

DATE Feb 22, 2010

ACQUIRER Reliance Industries Limited, India
ACQUIREE LyondellBasell Industries, Netherland
DEAL VALUE $14.5 Billion
DEAL NATURE Acquisition
PURPOSE To strengthen the presence in Global market.

“Inflation hasn't ruined everything. A dime can still be used as a screwdriver.” -

Quoted in P.S. I Love You, compiled by H. Jackson Brown, Jr.
 Volume II Issue 4 Page 3

NAB is on the final stage to clinch

$14billion AXA Asia Pacific deal
Targeting Australia’s fertile wealth management sector
By Nirmoy & Kamnashish
DATE Feb 08, 2010
ACQUIRER National Australian Bank, Australia
ACQUIREE AXA, Asia Pacific
DEAL VALUE $14 Billion
DEAL NATURE Acquisition
PURPOSE To bolster the position in Australia's rapidly growing $900 bil-
lion wealth management industry

NAB is currently bidding in a consor- the mean time NAB does not expect
tium with AMP, to take over AXA its bid to be completed until May or
Pacific's business outside Australia June of this fiscal year and needs to
and New Zealand. The businesses overcome any hurdles that may be put AXA ranks as the
which NAB plans to take over from in its way by the Australian Competi- 73rd largest
AXA AP, include the Australian and tion and Consumer Commission.
New Zealand wealth management and But probable extension may work in company in the
financial protection businesses the bank's favour because it could tap world (based on
(including Australian mature busi- more of its existing capital to pay for revenue) on the
ness); aligned advisory businesses its portion of the deal instead of rising 2009 Fortune
such as IPAC, Genesys, AXA Finan- as much as $1.5 billion from share-
cial Planning, Charter Financial Plan- holders as it originally planned. Global 500 list.
ning; and a 50 per cent stake in Alli- The plan to merge AXA AP with
anceBernstein Australia Ltd. NAB's MLC wealth management
AMP is now at the back foot as its business was first proposed in 1997
$12.8 billion bid for AXA Asia Pa- and had remained an ambition ever
cific was passed second by a $14.2b since. The two sides i.e. NAB & AXA
TRIV
offer by rival National Australia SA were given the green light to start IA
Bank. AMP is trying its level best by negotiations after the agreement be- Despit
e being
offering a cash and stock offer, but tween AXA SA and its previous bid- in uppe written
that has been rejected by AXA Asia ding partner AMP expired. NAB is r case,
is not a "AXA
n acron "
Pacific's independent directors. AMP now free to deal directly with AXA was ch ym, bu
is also put in a tight spot after it de- SA. ose t
name c n because its
clared its offer best and final. The deal is crucial as the contending an be p
nounce ro -
In the bid there are various high level companies and financial advisories are d easil
ple wh y by peo
advisors involved such as JP Morgan keeping a close check on the develop- o spea -
Chase & Co is advising NAB; AXA is ments and any wrong move can affect langua k any
ge.
advised by Macquarie Group; while the valuation and the bid acceptance
Deutsche Bank AG is advising AXA or rejection.
SA and AMP is advised by UBS. In

“The real measure of your wealth is how much you'd be worth if you lost all your money.” -
Author Unknown
 SYMBIONT Page 4

Bharti- Zain to lock the deal

With valuations over, the process to meet deadline

By Rachna and Surya

Bharti Airtel, India's largest mobile Only three out of 15 countries in

phone service provider is acquiring
the Kuwait based telecom Company
Zain’s African operations in a deal
with an enterprise value of US$10.7
billion. Both the companies are into
talks and have set a dead line of
March 25th for its closure. Zain oper-
ates in Africa. Zain’s total mobile
subscriber base stood at 71.8 million
at the end of September, 2009
Globally, Bharti Airtel (including its assets in the Middle
is the 3rd largest in- East, such as Saudi Arabia, Jordan
country mobile opera- and Iraq). Zain has operations in 17
African countries and Bharti's offer
tor by subscriber base, is for buying businesses in all the
behind China Mobile regions, except in Sudan and Mo-
and China Unicom. In rocco. Nigeria, Africa’s largest mo-
India, the company bile-phone market by subscribers,
is a key piece of Mittal’s purchase.
has a 24.6% share of
the wireless services Mittal is hands-on in negotiations
market, followed by and has met ministers of many of
17.7% for Reliance the 15 countries in which Zain op-
erates. Zain seems to be a profit-
Communications and able venture since:
17.4% for Vodafone Low market penetration of 36% as
Essar. against 44% in India and high
ARPU of USD 7.5 as against USD
5 for Bharti.
Zain's Africa portfolio having a mo
bile penetration in excess of 50%,
Being a market leader with 50-75
market share in seven out of 15
countries and 25-50% share in Six
nations.
With the failed deal of MTN, this
deal is very important for Bharti s
credentials. With the increasingly
crowded market at home, call rates of
less than half a U.S. cent a minute,
price competition in India from new-
comers such as Japan’s NTT Do
Como Inc. and Norway’s Telenor SA
slashed rates for many of Bharti’s
125 million customers, it has become
increasingly important for this deal to
click and for the company to go
global.
Debt finance being hinted as the most
likely source of finance for Bharthi.
The stock market seems to be a little
concerned with the higher interest
outgo and the earnings to be im-
pacted by 20-25%. With telecom ac-
quisitions being in the hot seats, fi-
nancing the deal should not be in re-
tained profits to secure Airtel’s risk
behind this takeover.

DATE March 25, 2010

ACQUIRER Bharti Airtel, India
ACQUIREE Zain Telecom, Kuwait
DEAL VALUE $10.7 Billion
DEAL NATURE Acquisition
PURPOSE To grow in International markets

"Your money or your life." We know what to do when a burglar makes this demand of us, but not when
God does” - Mignon McLaughlin, The Second Neurotic's Notebook, 1966
 Volume II Issue 4
Arcelor Mittal to hike stake in Uttam Galva
The purchase is at a staggering 10% discount
By Nirmoy & Kamnashish
NAB is currently bidding in a consor-
tium with AMP, to take over AXA Pa-
cific's business outside Australia and
New Zealand. The businesses which
NAB plans to take over from AXA
AP, include the Australian and New
Zealand wealth management and fi-
na nc ia l pr o t ect io n bu s ine ss es
(including Australian mature busi-
ness); aligned advisory businesses
such as IPAC, Genesys, AXA Finan-
cial Planning, Charter Financial Plan-
ning; and a 50 per cent stake in Alli-
anceBernstein Australia Ltd.
AMP is now at the back foot as its
$12.8 billion bid for AXA Asia Pa-
cific was passed second by a $14.2b
offer by rival National Australia Bank.
AMP is trying its level best by offering
a cash and stock offer, but that has
been rejected by AXA Asia Pacific's
independent directors. AMP is also put
in a tight spot after it declared its offer
best and final.
In the bid there are various high level
advisors involved such as JP Morgan
Chase & Co is advising NAB; AXA is
advised by Macquarie Group; while
Deutsche Bank AG is advising AXA
SA and AMP is advised by UBS. In
the mean time NAB does not expect its
“Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars
when you had hair.” Sam Ewing
Page 5
The promoter holding is at 40% in
Uttam Galva which means ArcelorMittal
may own upto 35% of the equity post the
deal.
Rajinder Miglani said, - “The whole purpose of the
joint venture is to grow the business in India and trans-
form Uttam Galva Steel from a galvanized player to an
integrated steel maker.”
bid to be completed until May or
June of this fiscal year and needs
DEAL SYPNOPSIS
to overcome any hurdles that may
be put in its way by the Austra-
lian Competition and Consumer DATE
Commission.
But probable extension may work February 02, 2010
in the bank's favour because it
could tap more of its existing ACQUIRER
capital to pay for its portion of
the deal instead of rising as much Arcelor Mittal, UK
as $1.5 billion from shareholders
as it originally planned.
The plan to merge AXA AP with ACQUIREE
NAB's MLC wealth management
business was first proposed in Uttam Galva, India
1997 and had remained an ambi-
tion ever since. The two sides i.e. DEAL VALUE
NAB & AXA SA were given the
green light to start negotiations Rs. 422 crores
after the agreement between
AXA SA and its previous bidding DEAL NATURE
partner AMP expired. NAB is
now free to deal directly with Acquisition
AXA SA.
The deal is crucial as the contend- PURPOSE
ing companies and financial advi-
sories are keeping a close check To sustain an-
on the developments and any nounced and future
wrong move can affect the valua- projects
tion and the bid acceptance or
rejection.
 SYMBIONT Page 6

Abbott US bets on Solvay Pharmaceuticals

Product mix is the main benefit
By Tom and Jimmy

US-based pharmaceutical firm Abbott in 2008.The merger is aimed to come

Laboratories has decided to buy 20 in the same league of
percent share of Solvay Pharmaceuti- multinational drug company as No-
cals India business. Abbott Capital In- vartis India Ltd and Pfizer Ltd .
TRIVIA dia and Abbott Laboratories have made The product mix of the two compa-
an open offer to acquire 10.09 lakh nies will create Rs 1300 crore multi-
In 1985, the shares of Solvay Pharmacy India at Rs national drug company.
company 3,054.73 per
share, the offer is DATE February 16, 2010 The European Com-
developed the
worth of Rs 308 mission
first HIV crore or $6.6 bil-
Abbott Laboratories,
blood s lion. The offer to ACQUIRER The European Com-
US
screening test. acquire will be mission has approved
open on April 7 ACQUIREE Solvay Pharmaceuti- the deal, although the
and close on April cals, India decision is condi-
26. DSP Merrill tional upon the di-
Lynch Ltd is the DEAL $ 6.6 billion vestment of the cystic
banker to the of- VALUE fibrosis testing busi-
fer. ness of Solvay's sub-
DEAL Acquisition sidiary Inn genetics
Core NATURE in Europe. The Com-
Abbott’s in vitro Competencies mission added that it
PURPOSE To widen the product
diagnostics business had concerns that the
mix and product scope
is a world leader in Belgium based companies' high com-
Solvay Pharma is bined market shares
immunoassays and an industrial group active in Chemis- in CF testing could have harmed com-
blood screening. try. It offers a broad range of products petition on the markets and customers
Abbott’s broad and solutions such as chemicals and would have to face higher prices and
range of medical plastics that contribute to improving less choice. The Commission also in-
quality of life. Abbott Laboratories vestigated the potential effects of the
tests and diagnostic specializes in Pharmaceutical Products, transaction on in vitro diagnostics
instrument systems Nutritional Products, Diagnostic In- markets but decided that is no prob-
are used worldwide struments & Tests, Medical & Surgical lem due to generally small increments
by hospitals and Devices and Animal Health and the presence of a sufficient num-
ber of other credible competitors.
laboratories.
Forecasts The probe also found that competition
concerns could be excluded in the
The global merger will increase the pharmaceutical markets, due to the
sales of Abbott Labs to $3 billion limited horizontal overlaps between
which had revenue of about $30 billion the parties' activities and the lack of
high market shares.

“Wealth - any income that is at least one hundred dollars more a year than the income of one's wife's
sister's husband.” - H.L. Mencken
 Volume II Issue 4
Goldman purchases LME Warehousing Firm
To have control over the cost of carry in the metals trade
By Anjali and Chippy
A spokesman of Goldman Sachs re-
ported on Friday, February 19th, 2010
that it planned to buy U.S. – based
warehouse and logistics company
Metro International Trade Services.
Metro is a warehouse and logistics
company that runs a global network of
London Metal Exchange approved
warehouses for primary aluminum, alu-
minum alloy, copper, lead, nickel, plas-
tic, steel, tin, zinc and plastics. It stores
these metals in warehouses at over 20
locations worldwide.
However the Goldman official did not
reveal as to how much was the deal
worth. It was told by a source to Dow
Jones newswires that the warehouse
company which is based in Detroit
would be run under independent man-
agement from Goldman Sachs and it
would retain its brand. Goldman Sachs
has been a commercial customer of
Metro for some years now.
Warehousing companies such as Metro
cater to contagion financing through
which banks and other investors earn
millions of dollars by buying cash
metal at a lower cost and
simultaneously selling it forward at
“Business is the art of extracting money from another man's pocket without resorting to violence.” -
Max Amsterdam
Page 7
This deal will give the U.S. invest- DEAL SYPNOPSIS
ment bank a business specializing
in the storage of metals traded on
the London Metal. DATE
February 21, 2010
ACQUIRER
higher prices. Warehousing companies
earn fees to store this metal. This deal
Goldmans Sachs
will give the U.S. investment bank a
business specializing in the storage of ACQUIREE
metals traded on the London Metal
Exchange. London Metal Ex-
It is believed by experts in the field change (LME) ware-
that Goldman Sachs is entering into housing company
this deal for mainly two reasons: Metro International
Trade Services.
(1) It believes it will make an accept-
able return on its investment, both in
the contexts of an annual return and DEAL VALUE
subsequent capital appreciation.
Undisclosed
(2) It believes that in future the world
resources are economically important DEAL NATURE
going forward.
Acquisition
Through this deal Goldman Sachs is
trying to have a control over the cost PURPOSE
of carrying the metals trade.
Warehousing and financing are big To have control over
business, with banks and other inves- the cost of carry in
the metals trade
tors earning millions of dollars by
buying cash metal cheaply and simul-
taneously selling it forward at higher
prices, earning the difference.
 SYMBIONT Page 8

By Akshay Thusoo, Sai, Deepika and Sudhakar

1)Which bank is looking to pick up a significant stake but not majority
of it in Tata motors Finance?

2)What is the percentage of stake owned by Arcelor Mittal in

UttamGalva will be?

3) What is the percentage of stake that Reliance capital holds in Fame

TEST THE M&A WATERS

India after multiple acquisitions is ?

4) Name the Indian telecomm giant that confirmed $10.7 bn bid for
Zain Africa assests.
QUIZ

5) South Korea’s _________________ has agreed to take a 10% stake

in Brazilian shipbuilder Offshore Services X (OSX).

6) Retail major ________________ on Wednesday said that it will

merge the consumer durable business of its subsidiary with itself.

7) M&A activity in India reduced to half to $3 bn in Jan 2010 as com-

pared to Jan last year. True or False?

8) Name the retail giant planning to buy digital movie provider Vudu.

Know Thy Words

Mergers and Acquisitions Terminologies

Clandestine Takeover

The clause 40 of the Listing Agreement of stock exchange allows a person to buy up to 5%
stake in a company without any prior permission. After 5%, they ought to inform the stock
exchange.

Mandatory Bid

This bid is laid by the offeror when he has 30% or more and less than 50% of the voting
rights of the offeree company and this should be in cash and the offer price should be the
highest price, which offeror had paid in the past 12 months for those shares.
 Proxy Battles

They take place when the agenda items at the meeting are likely to be opposed by dissident
shareholders. Management of the company collects proxies to face these opponents in the
meeting of Board of Directors.

Partial Bid

When a bid is made for acquiring part of the shares of a class of capital where the offeror in-
tends to obtain effective control. This is made for the equity shares.

Mandatory Bid

This bid is laid by the offeror when he has 30% or more and less than 50% of the voting
rights of the offeree company and this should be in cash and the offer price should be the
highest price, which offeror had paid in the past 12 months for those shares.

Pac-Man Strategy

The target company attempts to take over the hostile raider. This happens when the target
company is larger than the predator.

Competitive Bid

This can be made by any person within 21 days of public announcement of the offer made by
the acquirer. This can be made by the public announcement and should be for the equal num-
ber of shares or more for which the first offer was made.

Holding company

The holding company would have more than 50% of the total voting power and has the con-
trol on the other company.

Poison Put

A covenant allowing the bond holder to demand repayment in the event of a hostile takeover.

Consolidation

The fusion of two companies in which both the companies lose their identity and form a new
company. Share holders get the shares of the new company.
 SYMBIONT Page 10

TOP TEN MERGERS AND ACQUISITIONS IN

INDIA
By Puneet Singh

Sectors like pharmaceuticals, IT, ITES, telecommunications, steel, construction, etc, have proved
their worth in the international scenario and the rising participation of Indian firms in signing M&A
deals has further triggered the acquisition activities in India.
In spite of the massive downturn in 2009, the future of M&A deals in India looks promising.
The ten biggest Mergers and Acquisitions deals in India recorded are as follows:

1. Tata Steel acquired 100% stake in Corus Group on January 30, 2007. It was an all cash
deal which cumulatively amounted to $12.2 billion.

2. Vodafone purchased administering interest of 67% owned by Hutch-Essar for a total

worth of $11.1 billion on February 11, 2007.

3. India Aluminium and copper giant Hindalco Industries purchased Canada-based firm
Novelis Inc in February 2007. The total worth of the deal was $6-billion.

4. Indian pharma industry registered its first biggest in 2008 M&A deal through the acquisition
by Japanese pharmaceutical company Daiichi Sankyo of Indian major Ranbaxy for $4.5
billion.

5. The Oil and Natural Gas Corp purchased Imperial Energy Plc in January 2009.
The deal amounted to $2.8 billion and was considered as one of the biggest takeovers after
96.8% of London based companies' shareholders acknowledged the buyout proposal.

6. In November 2008 NTT DoCoMo, the Japan based telecom firm acquired 26% stake in
Tata Teleservices for USD 2.7 billion.

7. India's financial industry saw the merging of two prominent banks - HDFC Bank and Cen-
turion Bank of Punjab. The deal took place in February 2008 for $2.4 billion.

8. Tata Motors acquired Jaguar and Land Rover brands from Ford Motor in March
2008. The deal amounted to $2.3 billion.

9. 2009 saw the acquisition Asarco LLC by Sterlite Industries Ltd's for $1.8 billion
making it ninth biggest-ever M&A agreement involving an Indian company.

10. In May 2007, Suzlon Energy obtained the Germany-based wind turbine producer Re
power. The 10th largest in India, the M&A deal amounted to $1.7 billion.

Overseas investment by Indian companies has increased in Europe in particular. India is now
counted among the five largest investors in British companies. Financial firms happen to be the
prime targets. With an increase in the frequency of takeovers and joint ventures at a multinational
level, Indian companies are also opening up to the idea of collaborating with foreign companies for
specific purposes like acquisition of research and establishing a brand image in specific sectors.
 SYMBIONT
CROSSWORD
Across
1. The process where a company tries to prevent a
hostile takeover by selling a majority of its stock
to a third-party that is seeking to help the com-
pany, but not take it over. (9)
4. The fusion of two companies in which both the
compa nies loose their identity and form a new
company. Share holders get the shares of the new
company. (13)
7. A strategy used by the management of a target
company to delay any action by a given potential
acquirer, in the hope that a more attractive ac-
quirer will surface. (7)
9. Provisions in the legal agreements on loans,
bonds, or lines of credit. Usually written by the
lender to protect its position as a creditor of the
borrowers. (9)
11. Canada based company NOVELIS were ac-
quired by this company with a deal amount of
$5982 m. (8)
13. Recently twitter has acquired this company to
enhance Geo location with $5.17 m. (5)
14. A premium paid to a raider to get him/her to ter-
minate a takeover attempt. (9)
Page 11
By Ashim and Shweta
Down
2. Suzlon Energy acquired this company through
a deal of $565 million recently. (6)
3. Terapia SA is acquired by this pharmaceutical
company with a deal amounted to $324 million.
(7)
5. Zappos.com is acquired by this company for
$847 m recently. (6)
6. Bangalore based mobile retailer Sangeetha mo-
bile acquired this chennai based company with a
deal of 13 cr. (7)
8. Dr. Reddy's Lab acquired this company through
a deal worth of $597 million. (9)
10. A bankrupt or insolvent company which
continues to operate while it awaits a closure or
merger. (6)
12. This company acquired Kenya Petroleum
Refinery Ltd.. The deal amounted to $500
million. (4)
 SYMBIONT Page 12

QUIZ ANSWERS

1. SBI
2. 4.9%
3. 8.13%
4. Bharti
5. Hyundai Heavy Industries
6. Pantaloon Retail (India)
7. False (It has doubled)
8. Walmart

CROSSWORD ANSWERS
 INSPIRED BY
Prof. Anirban Ghatak
(Coordinator- Christ University Institute of Management, Kengeri)

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 discussions. 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.