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Battle looms for control of Mangalore Chemicals & Fertilizers?

7:48 AM MDT | April 24, 2014 | Natasha Alperowicz

Deepak Fertilisers and Petrochemicals (Pune, India), which now holds a 25.3% stake in Mangalore Chemicals and Fertilizers (MCFL; Mangalore, India), is making an open offer to shareholders to acquire a majority share. In a hostile move, SCM Soilfert, a wholly owned subsidiary of Deepak, is offering to buy an additional 26% stake in the publicly quoted MCFL for 1.9 billion Indian rupee ($31.1 million). In response, Zuari Agro Chemicals, a 16.43% shareholder in MCFL, said it is also interested in acquiring a majority stake in the company and is considering all its...

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