REFILE-India's L&T calls off merger talks with Future Generali Insurance
(Refiles to fix Reuters Identification Code for Generali)
MUMBAI, April 21 (Reuters) - India's Larsen & Toubro Ltd said on Monday its unit had called off talks with Future Generali Insurance, a joint venture between local retail chain operator Future Group and Italy's Generali, to merge their businesses.
The company did not give any reason for ending the merger talks.
Last March, L&T General Insurance, a unit of construction and engineering company Larsen & Toubro, and Future Generali had signed an agreement to merge the businesses.
After the deal, L&T was expected to hold a 51 percent stake in the joint venture, with Generali holding 26 percent and the rest with Future Group. (Reporting by Aradhana Aravindan; Editing by Sumeet Chatterjee)
- Israel pummels Gaza; Kerry steps up diplomatic push |
- South Korea ferry fugitive hid behind cabin wall, bags of cash at hand
- TransAsia Airways plane crashes in typhoon-hit Taiwan, killing 47
- Ukraine war crimes trials a step closer after Red Cross assessment
- South Korea ferry fugitive hid in cabin wall, suitcases of cash at hand