L&T: Restructuring the Cement Business

Ashok Banerjee () and Neeraj Dwivedi
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Ashok Banerjee: Indian Institute of Management Calcutta, Joka, Diamond Harbour Road, Kolkata-700104, India
Neeraj Dwivedi: Indian Institute of Management Calcutta, Joka, Diamond Harbour Road, Kolkata-700104, India

Asian Case Research Journal (ACRJ), 2005, vol. 09, issue 01, 83-115

Abstract: The case describes one of the most hyped and controversial acquisition and de-merger episodes in Indian corporate history. The case involved two Indian diversified corporations: Grasim Industries Limited (Grasim) which belonged to the Aditya Birla group and a professionally managed Larsen and Toubro Limited (L&T). With an eye on exploiting possible synergies in the cement business, Grasim acquired a big chunk of shares of L&T and then went on to make an open offer for more shares. The case describes the situation and events unfolding after these developments with a view to highlight the intricacies involved in corporate restructuring through the process of demerger, such as, valuation, synergies, takeover defense and negotiations among various stakeholders.

Date: 2005
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DOI: 10.1142/S0218927505000629

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