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L&T: Restructuring the Cement Business

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Author Info

  • Ashok Banerjee

    ()
    (Indian Institute of Management Calcutta, Joka, Diamond Harbour Road, Kolkata-700104, India)

  • Neeraj Dwivedi

    (Indian Institute of Management Calcutta, Joka, Diamond Harbour Road, Kolkata-700104, India)

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    Abstract

    The case describes one of the most hyped and controversial acquisition and de-merger episodes in Indian corporate history. The case involved two Indian diversified corporations: Grasim Industries Limited (Grasim) which belonged to the Aditya Birla group and a professionally managed Larsen and Toubro Limited (L&T). With an eye on exploiting possible synergies in the cement business, Grasim acquired a big chunk of shares of L&T and then went on to make an open offer for more shares. The case describes the situation and events unfolding after these developments with a view to highlight the intricacies involved in corporate restructuring through the process of demerger, such as, valuation, synergies, takeover defense and negotiations among various stakeholders.

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    Bibliographic Info

    Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Asian Case Research Journal.

    Volume (Year): 09 (2005)
    Issue (Month): 01 ()
    Pages: 83-115

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    Handle: RePEc:wsi:acrjxx:v:09:y:2005:i:01:p:83-115

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