October 2, 2008
Tata Buys Stake in Piaggio Aero HOT STOCKS
Tata Group, the Indian conglomerate, has acquired a one-third stake in the Italian aircraft company Piaggio Aero Industries, the Italian company said, without providing financial details of the transaction.
The purchase makes Tata one of the main shareholders, alongside the Ferrari and Di Mase families and Mubadala Development, of Abu Dhabi. The Tata investment consists of buying existing shares and participating in a new capital subscription, Piaggio Aero said. Tata will have three of the nine seats on the company's board, and one of the three seats on its management committee.
Separately, Tata Steel, a part of the Tata group, said that its subsidiary in Singapore had agreed to buy 19.9 percent of the Canadian miner New Millenium Capital for $22.6 million. Tata Steel holds a right of first refusal for any future equity placements by New Millenium. Tata Steel group has been scouting for mines because only a fifth of its iron-ore needs and 15 percent of its coal requirements come from its own fields, according to a report from Citigroup.
Originally published by Reuters.
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