Ajay's Feed
Nov 25, 2009
via Summit Notebook

What’s in a Name?

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Mahindra Satyam’s president of global¬†operations, Atul Kunwar, told us the “first instinct” was to drop the Satyam name when the company was acquired in the wake of India’s biggest corporate fraud.”We all need to have a name; sometimes we like them, sometimes we don’t,” Kunwar said while explaining that the company known as Satyam Computers was also known for its “solidity” and “great delivery.”Mahindra Satyam has managed to retain the 380 customers that the firm had when Tech Mahindra won an auction to take it over. The Satyam name may have been a hard sell after the scandal, but one organisation insisted that the old name was good enough to be displayed in lights: international football’s governing body FIFA.As parent company Mahindra & Mahnidra is big in vehicles, Korean carmaker Hyundai objected to its logo being shown in the list of sponsors for FIFA events, Kunwar told us. So the old name stood during the¬†Confederation Cup that was held in South Africa in June.Of course, those fighting the company in a class action lawsuit in the United States may not seem too amused, but then again, does anyone in the country care about “soccer”?

Nov 16, 2009

Simmons mattress company is bankrupt, to be sold

NEW YORK (Reuters) – Simmons Co, maker of the Beautyrest mattress and other bedding products, has filed for bankruptcy protection and expects to be sold to two buyers in a transaction valued at roughly $760 million.

Private equity firm Ares Management LLC and the Teachers’ Private Capital unit of the Ontario Teachers’ Pension Plan, which together own rival mattress maker Serta, will buy Atlanta-based Simmons in a prepackaged reorganization plan.

Nov 12, 2009

Dow Jones sells stake in Stoxx to Deutsche Boerse, SIX

BANGALORE/FRANKFURT, Nov 12 (Reuters) – News Corp’s <NWSA.O>
Dow Jones & Co Inc is selling its stake in index provider Stoxx
Ltd to Germany’s Deutsche Boerse AG <DB1Gn.DE> and Swiss partner
SIX Group for $309.1 million in cash, the companies said on
Thursday.

The deal, a sign that Dow Jones may be looking to exit the
index business, includes a payment of 132.1 million euros
($197.8 million) for Dow Jones’s one-third stake in Stoxx and 74
million euros for intellectual property rights acquired by
Stoxx, the German stock exchange operator said on Thursday.

Nov 1, 2009
via India Insight

Delhi Half-Marathon: Well Done Delhi

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The organisers of the Delhi half-marathon could not have picked a better time for the run.The 7:30 am start on a late-autumn Sunday was perfect weather to run. Besides the chill, the air had its fair share of enthusiasm.The runners represented a cross section of society in the Indian capital, which also has a vibrant expat population. And yes, this is Delhi so the “pushers” (the same kind who never let people alight from a Metro train before they get in) were also present. But once the runners were spread out, there was some camaraderie on the roads.One question on people’s minds was — “Where are the Africans?” For kilometres, there was no trace of the elite runners. That was until we saw them running past the 14 km mark while most others were nearing 7. That’s when Delhi’s runners turned into cheerleaders, clapping for their elite counterparts.I never ever thought I’d associate the word “class” with “Delhi” but I have been surprised before.Maybe, Home Minister Palaniappan Chidambaram’s request to the people of New Delhi to be better behaved is actually working.Very few cities in the world can match the scenery of central Delhi. Among the highlights were crossing India Gate and running near the President’s House and what is called the North and South blocks (housing India’s home and foreign ministries respectively).I don’t want to heap too much praise on the organising of the event but it seemed almost flawless.Delhi might just be able to do a good job of hosting the Commonwealth Games next October, although I know of two 15-year-olds who ran the wrong race for eight kilometres before they realised they were running the half-marathon and not the 7-kilometre Delhi Dream Run.And yes, I enjoyed the 21 km run clocking a little more than two hours.

Oct 26, 2009

Nelson Peltz to join Legg Mason board

BANGALORE (Reuters) – Billionaire activist investor Nelson Peltz has secured a seat on the Legg Mason Inc <LM.N> board after accumulating a stake of 4.3 percent in the asset manager.

Peltz’s appointment avoids a possible proxy fight. Legg Mason said on Monday the appointment reflects an agreement with Peltz’s Trian Fund Management.

Oct 26, 2009

Peltz to join Legg Mason board

BANGALORE, Oct 26 (Reuters) – Billionaire activist investor
Nelson Peltz has secured a seat on the Legg Mason Inc <LM.N>
board after accumulating a stake of 4.3 percent in the asset
manager.

Peltz’s appointment avoids a possible proxy fight. Legg
Mason said on Monday the appointment refects an agreement with
Peltz’s Trian Fund Management.

Oct 26, 2009

Legg Mason to elect investor Nelson Peltz to board

BANGALORE (Reuters) – Billionaire activist investor Nelson Peltz will be elected to Legg Mason Inc’s <LM.N> board, the U.S. asset manager said on Monday, in a move that would avoid a proxy fight for the next two years.

Peltz’s Trian Fund Management and Legg Mason agreed to a pact where the fund will not accumulate more than 9.9 percent of Legg stock for the next two years, Legg Mason spokeswoman Mary Athridge said by phone.

Oct 9, 2009

U.S. judge backs Philadelphia newspaper creditors

BANGALORE (Reuters) – Lenders trying to seize control of the parent company of two bankrupt Philadelphia newspapers won a judge’s approval to use money owed to them as part of their bid, a move that could deliver the papers to their hands.

U.S. Bankruptcy Judge Stephen Raslavich of Philadelphia ruled on Thursday that the lenders could make a credit bid in the auction of the dailies, using some of the $300 million owed to senior lenders, court documents showed.