Financial Daily from THE HINDU group of publications
Friday, Aug 05, 2005
Financial Daily from THE HINDU group of publications Friday, Aug 05, 2005 |
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Markets
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Financial Services Corporate - Mergers & Acquisitions First Global calls off deal with Way2Wealth Our Bureau
Mumbai , Aug 4 THE First Global group has called off its acquisition of Way2Wealth Securities (W2W), a financial services company, due to non-compliance of certain clauses by the sellers. First Global had announced last month that it would acquire W2W, promoted by Mr V.G. Siddhartha. Mr Shankar Sharma, Director, First Global, said the company had signed an MoU to acquire the consolidated holdings of all the shareholders of W2W, but even after three months (the time period set in the MoU) the sellers were not able to do it. He said since the three-month period ended on Wednesday, the deal has been called off for the time being. However, he said, the sellers could come back to them at a later period if W2W was able to sell the consolidated holding.
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