New twist in Hutchison Essar takeover tussle
The Essar group, which holds a 33% stake in India's fourth-largest wireless carrier, Hutchison Essar, has offered $11 billion for the rest of the company, The Financial Times reports. The move puts Essar in a three-way contest with Vodafone Group, which values Hutchison Essar between $17 billion and $18 billion, and Reliance Communications, India's No. 2 wireless operator. India is the world's fastest-growing wireless market, and mobile penetration could triple in four years from 12% now, analysts say. Reuters (12/28), Financial Times (free content) (12/27), BBC (12/28)