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L&T denies hiring Nomura for Satyam deal
By siliconindia
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Saturday, 07 February 2009, 22:36 IST
Bangalore: Reacting to the recent reports on Larsen & Toubro (L&T) and Japanese financial services firm Nomura alliance for a Satyam deal, L&T has completely denied of any such progress. According to L&T, they are yet to make a decision on a deal with Satyam.
Earlier The Economic Times reported that Nomura will guide L&T on evaluating assets and liabilities, and figure out whether a deal with Satyam will be beneficial for the stakeholders of the country's largest-engineering firm. The Japanese firm has had earlier advised Daichi in the foreign company's acquisition of Ranbaxy.
However, it was also pinpointed that it will not be easy for any advisor to assess the quantum of the financial mess at Satyam unless the troubled IT company's auditors come out with the restated financial numbers. The transaction, in case L&T decides to bid for Satyam, will be more complex than other acquisitions given that Satyam now faces class action suits from the U.S. investors.
