Word: telecoms
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...past few months, Canada's telecom industry has been a cautionary tale. It's now increasingly likely that Nortel Networks Corp., the biggest maker of telephone equipment on the continent, will emerge from bankruptcy stripped of many of its most valuable assets along with its ambitions to be a world beater. Meanwhile, Montreal-based BCE Inc., parent of the country's biggest telco, Bell Canada, has continued its slide since a record $42.1 billion deal to privatize the company was abruptly killed in the final weeks...
...During George W. Bush's two terms in office, Specter voted in favor of the Patriot Act (playing a critical role in re-authorizing the bill), retroactive telecom immunity, the U.S. invasion of Iraq, and Bush's controversial tax cuts, among other right-wing measures that have drawn the ire of moderate Republicans and Democrats alike...
...Tech Mahindra, a Pune-based telecom-solutions provider, won the auction on Monday, agreeing to buy 31% of Satyam for $352 million, a 23% premium to Satyam's last closing price on Thursday. Tech Mahindra plans to make a public offer to acquire 20% more of Satyam shares to gain a majority stake, as required by Indian law, taking the cost of the deal to $580 billion. (Read TIME's 2006 cover story about telecommunications in India...
...purchase is a gamble by Tech Mahindra, which is joint venture between Indian Mahindra & Mahindra and British Telecom. Accountants are still trying to unravel years of fraudulent accounting; bidders had little access to reliable financial data, and there is additional risk of class-action suits and litigation in the U.S. relating to the fraud. Other interested buyers, including IBM and India's Spice Group, withdrew because of the uncertainties. "It's a very risky bet," says New Delhi-based equities analyst Dhirendra Kumar. "The reward or penalization could match the risk." Tech Mahindra has yet to issue a comment...
...goes well, the deal could propel Tech Mahindra into the top tier in Indian software services. Satyam's client base, which includes Cisco Systems and Nestle SA, would reduce the company's heavy reliance on British Telecom, its biggest customer. The markets gave the purchase a thumbs-up. Tech Mahindra shares were up 12% at the end of trading Monday, while Satyam shares were up 3%. Also applauding the deal were India's business groups. "The smooth completion of the bidding process for Satyam demonstrates that India has an adequate legal and institutional mechanism for handling and resolving a major...