Fresh open offer for Ondeo Nalco meets with resistance.

(From Business Line)

Byline: Jayanta Mallick

Kolkata, Dec. 17 - A SECTION of shareholders has raised objection to the proposed fresh open offer for 20 per cent stake in Ondeo Nalco India Ltd, a water treatment and chemical company, by its new overseas parents.

According to SEBI sources, a number of shareholders have expressed their reservations over the new offer price ignoring the earlier SEBI order. A group of minority shareholders told Business Line that the new offer also does not recognise the fact that the earlier SEBI verdict was contested by Suez, a French MNC, and previous acquirer of 80 per cent stake in Ondeo Nalco (India). The case is …