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India Cements acquires Raasi
The three months-long "hostile takeover" drama over the Hyderabad-based Raasi Cements has abruptly ended with the executive chairman and chief promoter of RCL, Dr B V Raju selling out his entire 32 per cent holding to ICL. The deal was struck at Rs 286 per share in Hyderabad at 3.30 am after protracted negotiations through the night with an India Cements team which flew down from Chennai to negotiate the price.
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GE tops Forbes 100 list
General Electric Co snagged the top spot away from Exxon Corp to become the most powerful corporation in the United States, Forbes magazine's annual ranking said. GE, whose profits rose 13 per cent to $ 8.2 billion last year, ranked first on the Forbes Super 100, the magazine's list of the 100 most powerful companies in the country.
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Citicorp, Travelers Group merge to form global powerhouse
Banking giant Citicorp and financial services titan, Travelers Group Inc, said on Monday they plan to merge in the largest-ever corporate marriage, creating a global powerhouse to be called Citigroup. The companies said the new firm will be led jointly by Citicorp Chief John Reed and Travelers head Sanford Weill.
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RBI modifies advisory; April 14 too a holiday
The RBI announced modifications regarding the working of bank branches on Sunday, April 12 for all commercial banks, including regional rural banks and cooperative banks. In states where there are no three consecutive bank holidays from April 8 to 10, bank branches need not function on April 12, 1998, while in those states with three consecutive bank holidays, bank branches are to function for the full day on April 12.
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