Ananda Krishnan offers $5bn for Maxis Kuala Lumpur: Malaysian business tycoon Ananda Krishnan wants to take full control of mobile operator Maxis Communications, to gain greater flexibility in running the company.

Krishnan already has a 46.5 pc stake in Maxis, which is Malaysia's largest mobile firm, and will launch a takeover offer for the remaining shares by May 3, according to a regulatory filing on the Kuala Lumpur Stock Exchange.

Krishnan has made the offer through his company Usaha Tegasis. The offer is estimated to be worth over $5 billion based on Maxis' current market value of $9.4 billion, Market analysts expect a premium of 20-30 pc over the current share price, which could take the deal value to over $6.5 billion.

Experts said privatisation and full control would give Krishnan a free hand for deploying his own wealth for investments in overseas markets like India.

Earlier this month, Maxis announced plans to invest $3 billion in its Indian operations over the next five years. In February, Aircel, in which Maxis has 74 pc stake, had said it was targeting to double its subscriber base to eight million in 2007. Back to News Review index page  

Venezuela to exit IMF, World Bank Caracas: Venezuela is likely to exit from the World Bank and IMF with president Hugo Chavez of the country announcing his country's decision to pull out of the two organizations accusing them of exploiting small countries.

The OPEC nation's leader branded the organizations "tools of US imperialism" to exploit the less powerful.

Chavez, a leftist firebrand who has made a habit of demonizing the US administration, was given sweeping powers in February to govern by decree for 18 months.

The IMF recently reviewed a campaign launched last September to increase the stature and voting rights of emerging-market and poor countries.

The United States has accused Chavez of being a destabilizing force in Latin America. Back to News Review index page