Apple Asks for Approval to Sue Bankrupt Kodak Over
By Joel Rosenblatt
(Updates with Kodak complaint in seventh paragraph.)
Feb. 15 (Bloomberg) — Apple Inc. asked a bankruptcy judge for permission to sue Eastman Kodak Co. over allegations it’s infringing patents that Apple says cover technologies used in printers, digital cameras and digital picture frames.
Apple said in a filing yesterday in U.S. Bankruptcy Court in New York that it intends to file a complaint against Kodak at the International Trade Commission and a corresponding suit in U.S. District Court in Manhattan based on patent-infringement claims. The suit will seek an order blocking Kodak’s infringement, according to the filing.
While arguing bankruptcy law doesn’t prevent the filing of infringement suits against a company in court protection, “Apple requests express authority from this court before it initiates the actions out of an abundance of caution,” the company’s lawyers wrote in the filing.
Kodak will have the right to ask the court to halt the district court case until the ITC makes its ruling, though a court order on that request “is not required before Apple commences” its lawsuits, Apple said in the filing.
Apple previously claimed it is the true owner of the image- preview patent that is the subject of infringement claims lodged against Apple and Research in Motion Ltd. The Cupertino, California-based company contends that it developed a digital camera in the early 1990s that it shared with Kodak, and that Kodak then sought the patent on the technology. Kodak has denied the allegations.
ITC Rejection
The U.S. International Trade Commission rejected the ownership arguments in a case that’s still pending at the Washington agency. Those arguments are also an issue in the lawsuit now on hold in federal court in Rochester, New York. In yesterday’s filing, Apple asked to move that case to Manhattan.
Apple has objected to a patent-infringement complaint that Kodak filed last month at the ITC against Apple and HTC Corp. In a Feb. 7 filing with the agency, Apple argued that the ITC shouldn’t investigate the complaint because of the bankruptcy filing and the company’s plan to sell its patents and digital camera business.
“It is against the public interest for the commission to expend its resources initiating and prosecuting an investigation when it is known, based on Kodak’s own admissions Cocktail Dresses, that Kodak will be selling the asserted patents and divesting itself of the parts of its business” that are part of the ITC case.
Licenses Sought
Kodak, in a Feb. 10 response, said the bankruptcy doesn’t alter the fact that the company has invested in digital imaging technology and continues to seek licenses for its inventions. The commission is scheduled to decide by Feb. 23 whether it will institute the investigation.
“Apple should not be using the bankruptcy to seek to disrupt Kodak’s enforcement of its patents given that infringers like Apple, who continue to violate Kodak’s intellectual property rights and refuse to properly compensate it, have contributed to Kodak’s current circumstances,” Kodak wrote.
Kodak, the photography pioneer that introduced its $1 Brownie Camera more than a century ago, filed for bankruptcy Jan. 19 after consumers embraced digital cameras, a technology Kodak invented and failed to commercialize.
The company, based in Rochester Casual, listed assets of $5.1 billion and debt of $6.8 billion in Chapter 11 documents.
Andrew Dietderich, a lawyer for Kodak, didn’t immediately return a call yesterday after regular business hours seeking comment on Apple’s filing.
The case is In re Eastman Kodak Co., 12-10202, U.S. Bankruptcy Court, Southern District New York (Manhattan).
–With assistance from Sue Decker in Washington, Dawn McCarty in Wilmington and David McLaughlin in New York. Editors: Michael Hytha, John Pickering
To contact the reporter on this story: Joel Rosenblatt in San Francisco at jrosenblatt@bloomberg.net
To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net
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Adeles 21 Wins Album of the Year Grammy Award
By Nancy Moran Replica Cartier Watches
Feb. 12 (Bloomberg) — Pop singer Adele swept all of the major categories at the 54th annual Grammy Awards Replica Breitling Watches, with her “21” taking the album of the year accolade.
To contact the editor responsible for this story: Nancy Moran at nmoran@bloomberg.net
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Chavez Says China to Launch Second Venezuelan Sate
By Corina Pons
Feb. 10 (Bloomberg) — Venezuelan President Hugo Chavez said China will launch a second satellite for the South American nation before the end of the year after the two countries signed a $140 million contract in May.
The satellite, which is being built in China Watches Replica, should be in orbit in September or October this year Watches Replica, Science and Technology Minister Jorge Arreaza said today in comments broadcast on state television.
“Venezuela entered the space race,” Chavez said in the same broadcast. “One day Venezuela will arrive on Mars but China will do it first.”
The new satellite will be used for defense, health, agriculture and urban planning projects, Arreaza said.
–Editors: Philip Sanders, Richard Jarvie
To contact the reporter on this story: Corina Rodriguez Pons in Caracas at crpons@bloomberg.net.
To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.
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Canada Needs New Oil Outlets After Keystone Reject
By Rupert Rowling
Feb. 10 (Bloomberg) — Canada will need to find new outlets for its crude output after the Obama administration rejected TransCanada Corp.’s application to build the Keystone XL pipeline Replica Watches, the International Energy Agency said.
The Keystone decision has longer-term implications for Canadian oil producers and will result in the country having to find a West Coast export point by the middle of this decade, the IEA said today in its monthly oil market report.
Without either Keystone XL or a pipeline to Canada’s West Coast, producers will have to export extra volumes to refiners in the Midwest and the Rockies, instead of to the Gulf Coast or to China, incurring an $8 a barrel value loss in revenue, according to a Wood Mackenzie Consultants Ltd. assessment for the Alberta Department of Energy, the Paris-based agency said.
In the U.S., the short-term impact of the absence of the 1,661 mile (2,673 kilometer) oil pipeline on production will be limited because of rapid increases in rail and alternative pipeline capacity in North Dakota, the IEA said. Railways may account for more than half of total delivery capacity by 2015, according to the North Dakota Pipeline Authority.
The proposal to construct the 700,000 barrel-a-day pipeline from Alberta, Canada to the U.S. Gulf Coast was turned down by President Barack Obama in January after it wasn’t deemed to be in the national interest.
–Editors: Raj Rajendran, Rachel Graham.
To contact the reporter on this story: Rupert Rowling in London at rrowling@bloomberg.net
To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net
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BC Said to Weigh Sale of German Power Transformer
By Anne-Sylvaine Chassany and Aaron Kirchfeld
Feb. 15 (Bloomberg) — BC Partners Ltd., the British buyout firm that owns the gym club operator Fitness First Ltd., is considering a sale of the German power transformer maker SGB- SMIT Group after receiving approaches, three people with knowledge of the talks said.
Goldman Sachs Group Inc. is helping the buyout firm assess options for the Regensburg-based company, said the people, who declined to be identified because the talks are private. No decision regarding the process has been made, they said.
A sale could attract interest from strategic bidders such as ABB Ltd. of Switzerland and Toshiba Corp. of Japan, as well as other private equity firms, two of the people said. The company may fetch between 800 million euros ($1 billion) and 1 billion euros, the people said.
BC Partners, which is raising a 6.5 billion euro buyout fund, bought SGB for an undisclosed amount in 2008, financing the acquisition mainly with its own cash, according to the company’s website. The seller at the time, turnaround specialist HCP Capital Group GmbH, had bought the company from the German utility RWE AG in 2004.
SGB, which makes oil distribution transformers as well as compact transformer stations, had revenue of about 580 million euros in 2010 and forecast a 5 percent decline for last year, followed by an increase this year Replica Watches, according to a company filing on Feb. 8. The company swung to a 13.1 million euro profit in 2010 from a loss in 2009. Its earnings before interest, taxes, depreciation and amortization are about 120 million euros, one of the people said.
Spokesmen for BC Partners, SGB, Goldman Sachs and ABB declined to comment. A spokeswoman for Toshiba was not immediately available for comment.
–With assistance from Richard Weiss in Frankfurt. Editors: Chris V. Nicholson, Jacqueline Simmons
To contact the reporters on this story: Anne-Sylvaine Chassany in London at achassany@bloomberg.net; Aaron Kirchfeld in Frankfurt at akirchfeld@bloomberg.net
To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net
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DirecTV Profit Rises 16% on Customer Gains in Lati
By Alex Sherman
(Updates with comment from analyst in fourth paragraph.)
Feb. 16 (Bloomberg) — DirecTV, the largest U.S. satellite- TV provider, reported a 16 percent increase in fourth-quarter profit as customer gains in Latin America climbed to a record.
Net income rose to $718 million, or $1.02 a share, from $618 million, or 74 cents, a year earlier, the El Segundo, California-based company said today. Analysts predicted 92 cents, the average of estimates compiled by Bloomberg. The company also said it plans to start a new $6 billion share- buyback program.
DirecTV gained 590,000 customers in Latin America, topping the record 574,000 achieved in the previous quarter as it added services to challenge pay-TV rivals such as America Movil SAB. U.S. subscriber gains were smaller than projected, which may concern investors as DirecTV battles rising programming costs and cable rivals such as Comcast Corp., said Michael McCormack, an analyst at Nomura Securities International Inc. in New York.
“It’s costing more for DirecTV to acquire customers, and U.S. subscriber gains were weaker than expected,” McCormack said in an interview. “At the same time, Comcast is limiting video customer losses. The dynamic is that cable’s Internet bundling is becoming that much more important as the way people watch TV develops.”
DirecTV gained a net 125,000 U.S. customers, fewer than the 162,000 average estimate of 11 analysts surveyed by Bloomberg. Comcast Herve Leger, the largest U.S. cable provider, yesterday reported its smallest quarterly video customer decline since 2007, losing 17,000 customers.
DirecTV fell 0.6 percent to $46.01 at 11:39 a.m. New York time. The shares had gained 8.3 percent this year before today.
Preparing for 2012
DirecTV’s sales increased 13 percent to $7.46 billion, exceeding projections.
“The focus is likely to be on the company’s strategy and expectations for the U.S. market in 2012,” said James Ratcliffe, a Barclays Capital Inc. analyst in New York.
DirecTV said programming costs rose because of network fee increases and expenses related to its NFL Sunday Ticket football content. The programming expense will be exacerbated when DirecTV negotiates new contracts with CBS Corp. and Discovery Communications Inc. this year, said McCormack, who has a “reduce” rating on shares.
DirecTV bought back $1.13 billion of its stock in the quarter, part of the previous $6 billion share-repurchase program announced last February.
(DirecTV plans to hold a conference call at 1 p.m. New York time. To listen, visit investor.directv.com/events.cfm.)
–Editors: Ville Heiskanen, John Lear
To contact the reporter on this story: Alex Sherman in New York at asherman6@bloomberg.net
To contact the editor responsible for this story: Peter Elstrom at pelstrom@bloomberg.net
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Singson to open hotel in Boracay
MANILA, Philippines — Former Ilocos Sur Rep. Ronald Singson is opening a hotel and bar in the resort island of Boracay.
In an interview with Wilson Lee Flores in The Philippine Star, which was published on Sunday, Singson said he is opening the 47-room The District Hotel in Boracay, hopefully in time for the summer.
"It’s actually now in the finishing stage Replica watches, almost 90% complete," he said.
He described the beachfront District in Boracay’s Station 2 as a "very high-end boutique hotel" but with "middle-range" room rates.
"I bought it as an empty lot. We started development three to four years ago, but it was delayed kasi nagkulang ng pondo and I got into trouble in Hong Kong. We’re now finishing it," he said.
Singson was sentenced to 18 months in prison in Hong Kong for cocaine possession which had been reduced to one year due to good behavior.
Singson said his father, Ilocos Sur Governor Luis "Chavit" Singson, is "very excited" and "supportive" of the hotel project. The Singson family owns the Vigan Plaza Hotel in Ilocos Sur.
"It has a nice location, the best amenities, very modern. I’m very excited about this project," he said of the Boracay hotel.
"I also partnered with the owner of an Italian chain of restaurants which is famous in Manila, to open a good resto," he added, without naming the Italian eatery.
Concert productions
Singson is also in the concert production business with Fearless Productions, which had produced concerts by international artists such as Usher, David Cook and David Archuleta.
But he said he is taking it slow for now as far as concert productions are concerned.
"It’s parang a hit or miss business in terms of profitability, due to the price war for international talents," he said.
"For instance, if we want to invite stars like Usher here, we’ve set a certain price for him, then other concert producers will contact him and offer a higher talent fee, that’s the price war. The costs go so high, so even if you fill the venue, concerts are not always that profitable anymore. Sponsorships are also dwindling now, they’d just mostly offer ex-deals," he explained.
He said he is still interested to do concerts, "but more for good artists with a big following but who are not that expensive," citing his experience with Cook and Archuleta, who had a back-to-back concert at the SM Mall of Asia Concert Grounds after their successful stint at "American Idol."
South America Cotton Crops Hurt by Unusual Dry Wea
By Marvin G. Perez
Jan. 18 (Bloomberg) — Cotton farmers in Argentina, Paraguay and Brazil will lose output after a prolonged dry spell damaged some crops, according to MDA Information Systems.
“Dryness has certainly caused some notable stress and losses on the cotton crops,” which got less than half their normal rainfall, Don Keeney, a senior agricultural meteorologist at Gaithersburg, Maryland-based MDA, said in an e-mail today.
Fields across the affected areas got about 124 millimeters (4.9 inches) of rainfall from Nov. 19 to Jan. 17, compared with an average of 259 millimeters for that period in the last 30 years, Keeney said.
Recent rains in western Brazil, the world’s fifth-largest grower, were too late to help crops and may hurt plants because “they are in open boll,” Keeney said. “The only area that did not see significant stress this season was northwest Argentina and northwest Paraguay.”
China is the biggest producer, followed by India, the U.S. and Pakistan.
Cotton for March delivery declined 2 percent to 96.21 cents a pound by 12:54 p.m. on ICE Futures U.S. in New York. The price tumbled 37 percent last year Replica Watches, its biggest annual slump since 2004.
–Editors: Steve Stroth, Daniel Enoch
To contact the reporter on this story: Marvin G. Perez in New York at mperez71@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net
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Soros Proves Nothing Rotten in Denmark for Home Lo
By Jonas Bergman and Frances Schwartzkopff
Jan. 19 (Bloomberg) — Billionaire George Soros’s assertion that Denmark’s $480 billion mortgage credit system can weather any crisis better than any country where mortgages are bought and sold is proving the rule for international investors.
The Nykredit Mortgage Bond Index, which includes the largest, most-traded of the securities, rose to a record this month, holding up through a real estate slump, a banking meltdown and Europe’s debt crisis. Home-loan bonds have gained 29.2 percent since 2007, beating U.S. Treasuries.
“The Danish mortgage system works as advertised under very special conditions as the rest of the world shuts down,” said Alan Boyce, a former bond trader at $25 billion Soros Fund Management LLC, before becoming chief executive officer at Absalon Project, a joint venture with VP Securities A/S to promote Denmark’s mortgage system. Soros first established a partnership to champion the Danish market model in 2005.
Denmark’s benchmark mortgage bonds have gained almost as much since the U.S. subprime collapse triggered the global credit seizure in 2007 than in the prior five years. Demand is surging even as home prices are projected to fall 25 percent by 2013 since the crisis, economic growth slows and unemployment rises, with investors gravitating to a country that’s one of only 12 nations in the world with AAA ratings at Standard & Poor’s, Moody’s Investors Service and Fitch Ratings.
The Danish mortgage bond market differs from other countries in several key respects. When a homeowner in Denmark takes out a loan, the mortgage is immediately converted into a security of the same amount. A homeowner can then retire a mortgage either by paying off the loan or by purchasing an equivalent face value of the bonds at the market price.
Balance Principle
Danes call this the balance principle. Mortgage issuers take all the credit risk, providing reserves in case a borrower defaults. Investors face a risk only on interest-rate fluctuations. Another difference with the U.S. is there are no government-sponsored companies involved in the market.
“Mortgage banks don’t take interest rates risk, the bond market does,” said Boyce. “Borrowers are benefiting from that. If you look at the U.K., Ireland, all over Europe, the borrowers are paying way higher rates.”
Foreclosure rates in Denmark also signal its mortgage credit system can protect borrowers from losing their homes even after a property bubble has burst.
Though the country is still in the middle of its real- estate slump, foreclosures account for just 0.2 percent of the total housing stock, according to Karsten Beltoft, the head of the Mortgage Banker’s Federation, which represents the home-loan arm of Danske Bank A/S, the largest bank in Denmark.
House Price Drop
U.S. house prices have slumped about 32 percent since a 2006 peak, according to an S&P Case/Shiller Index, which tracks 20 major metropolitan areas. About 1.4 million properties nationwide were in the foreclosure process or bank-owned, representing 1.07 percent of housing units, according to RealtyTrac Inc., an Irvine, California-based data vendor.
There are also plenty of differences outside the mortgage market, including a more extensive welfare system that provides for basic needs, including housing.
The U.S. unemployment rate swelled as high as 10 percent in late 2009 from an average of 4.6 percent in 2006. It’s since declined to 8.5 percent. In Denmark, joblessness will rise to 6.9 percent next year from 6.5 percent in 2012, Danske Bank estimated in a Jan. 9 report.
‘Collateral Damage’
“This is deflating without collateral damage while the rest of the world is blowing up,” Boyce said. “In the U.S., the collapse is probably blowing up a quarter of the households with mortgages while in Denmark it will blow up about 1 percent, that’s a difference.”
Soros, whose Quantum fund famously bet $10 billion that the Bank of England would be forced to devalue the pound, started a joint venture with VP Securities in 2005 to establish the mortgage model in Mexico, and has subsequently argued that a similar system should be adopted in the U.S.
The Nykredit Mortgage Bond Index climbed to a record on Jan. 2, and has hovered at about that level since, slipping only 0.2 percent through Jan. 18. The bonds returned 29.2 percent since the end of 2007, beating the 27.9 percent return for U.S. Treasuries, that includes reinvested interest.
“We have a large holding because we think they’re a good investment, they have a higher interest rate than government bonds and they’re secure,” said Henrik Henriksen, chief investment strategist at PFA Pension A/S, Denmark’s second biggest pension fund with $45 billion in assets.
Foreign Bond Ownership
Foreign ownership of Danish mortgage bonds surged 28 percent last year to 365 billion kroner ($63 billion) in November, central bank data show. Non-Danish residents now make up about 13 percent of the total, versus 10 percent a year ago, the central bank estimates.
The success of the bonds with investors isn’t translating into stabilizing home prices or purchases.
Home loan offers fell 30 percent in 2011 to the lowest in 15 years, the Association of Danish Mortgage Banks said Jan. 9. Economic uncertainty is prompting home buyers to delay purchases and homeowners to refrain from borrowing against their equity, Beltoft said in a statement.
The yield on Nykredit’s 3.5 percent mortgage bond maturing in 2044 rose one basis point to 3.82 percent as of 10:14 a.m. in Copenhagen. The spread to the benchmark 10-year Danish government bond narrowed one basis point to 213 basis points.
Falling house prices are “a challenge to the system, but we think the Danish housing market is supported by falling interest rates and an underlying demand for the bonds,” said Henriksen. The fund, which is based in Copenhagen, held about $13 billion in mortgage securities at the end of June.
Economic Stress
House prices will decrease 13 percent until 2013 Replica Watches, bringing total losses since the market peaked in 2007 to 25 percent, the government-backed Economic Council said in November.
The $300 billion economy will grow 1 percent this year and in 2013, after contracting 0.5 percent in the third quarter.
Adding to stresses in the housing market is an increase in the personal debt rate. Danes have the world’s highest ratio of debt at 310 percent of incomes in 2010, Exane BNP Paribas estimates. Household debt has swelled from 158 percent since 2000 as mortgage banks developed cheaper loans to attract borrowers. BNP says such imbalances will ultimately take their toll.
“There will be a point when something happens and people will pay attention to what’s happened with house prices to focus on the risk,” said Andreas Hakansson, an analyst at Exane BNP based in Stockholm.
Hakansson says the evolution of Danish mortgages in the past 15 years to include riskier products will be a problem.
Traditional Instruments
Denmark’s mortgage-bond market has moved away from traditional fixed-rate, callable-at-par securities into more varied debt instruments. Adjustable-rate mortgages were introduced in 1996. Interest-only loans, which the central bank has criticized for exacerbating volatility in the country’s property market, were sold starting in 2003. So-called capped floaters, which offer a floating interest rate with a ceiling on how high borrower costs can rise, came in 2004.
Because of these changes, Moody’s Investors Service has warned the bonds are growing riskier. Adjustable-rate loans now make up almost half the country’s mortgage market, meaning there’s a growing mismatch between 30-year home loans issuers give to borrowers and the shorter-term bonds investors buy to fund the mortgages. The rating company in June cut the so-called timely payment indicator on the securities and told lenders to increase the amount of collateral they set aside to offset refinancing risks.
Dismissed Criticism
“In the old days, with 30-year mortgages, it was a great system,” said Hakansson. We are far away from that system. It remains to be seen where we are headed.”
Nykredit Realkredit A/S, Europe’s biggest issuer of mortgage-backed covered bonds, and Realkredit Danmark A/S, the mortgage arm of Danske Bank, have dismissed criticism and argue Moody’s doesn’t understand the market. Realkredit Danmark terminated its contract with the rating company, while Nykredit adjusted its business to address the concerns.
Mortgage lenders can’t issue enough bonds to satisfy demand, said Boyce. While the securities have in part been buoyed by the haven status of Denmark’s AAA government debt market, it’s their liquidity and tradability that appeals, he said. There is more than three and a half times the amount outstanding in mortgage securities versus Denmark’s $130 billion in sovereign debt, central bank figures show.
“The European bond market fell apart and what happened is that the Danish mortgage market and the government issued like crazy and still couldn’t make enough,” Boyce said. “Nobody should be worried about this right now, the worry should be what happens when the issuance stops.”
–Editors: Tasneem Brogger, Pierre Paulden, Rob Urban.
To contact the reporters responsible for this story: Jonas Bergman at jbergman@bloomberg.net; Frances Schwartzkopff at fschwartzko1@bloomberg.net
To contact the editor responsible for this story: Rob Urban at robprag@bloomberg.net
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Temasek Agrees to Buy Stake in Indias Godrej Consu
By Rajhkumar K Shaaw and Malavika Sharma
Jan. 21 (Bloomberg) — Temasek Holdings Pte, Singapore’s sovereign-wealth fund, has agreed to buy a 4.9 percent stake in India’s Godrej Consumer Products Ltd. for 6.85 billion rupees ($136 million).
Godrej will issue 16.7 million new preferential shares to Baytree Investments (Mauritius) Pte, a unit of Temasek Replica Watches, P. Ganesh, executive vice president of finance at Godrej Consumer, said in a phone interview today. Godrej will sell the shares at 410 rupees a share, the company said in an exchange filing. Godrej’s shares rose 0.7 percent to 402.8 rupees in Mumbai trading yesterday.
Temasek, which managed S$193 billion ($152 billion) as of March 2011, has transformed itself from a holder of stakes in companies controlled by Singapore’s government to an investor with more than two-thirds of its assets based abroad.
Temasek has invested more in emerging markets including China, India, Brazil and Mexico, as developing nations led the global economy’s recovery from its worst recession since World War II, according to its 2011 review. Godrej Consumer’s net income has more than quadrupled in the past three years amid rising consumer spending in the world’s second-most populous nation.
“The growth of the Indian consumer sector and good corporate governance of Godrej must have lured Temasek,” said Arun Kejriwal, a director at Mumbai-based Kejriwal Research & Investment Services. “Godrej wants to be a leader in India as well as be aggressive in smaller emerging markets to diversify its risk.”
Cosmetica Nacional Stake
Separately, Godrej will buy a 60 percent stake in Chile’s Cosmetica Nacional, it said in an exchange filing. Godrej’s Ganesh declined to comment on the value of the deal.
The company will fund the deal, which it will complete by April, using “low-cost overseas debt,” the company said in a statement. Godrej will increase its stake to 100 percent in the next three to five years. The acquisition will increase earnings per share within its first year, the company said. The Mumbai- based company is controlled by billionaire Adi Godrej.
Godrej has announced eight acquisitions since January 2010 as it seeks to increase its overseas sales. The BSE Fast Moving Consumer Goods Index rallied 9.5 percent last year, while the BSE India Sensitive Index, or Sensex, tumbled 25 percent.
Godrej’s profit in the three months ended December 31 increased 41 percent to 1.67 billion rupees from 1.19 billion rupees in the same period a year earlier, the company said in an exchange filing today.
–With assistance from Joyce Koh in Singapore. Editors: Will Hadfield Replica Watches, Chad Thomas
To contact the reporters on this story: Rajhkumar K Shaaw in Mumbai at rshaaw@bloomberg.net; Malavika Sharma in New Delhi at msharma52@bloomberg.net
To contact the editors responsible for this story: Arijit Ghosh at aghosh@bloomberg.net; Stephanie Wong at swong139@bloomberg.net
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