INSUBCONTINENT EXCLUSIVE:
Edelweiss Financial Services has a buy call on Tata Steel with a target price of Rs 720.
The current market price of Tata Steel is Rs
499.25.
Time period given by the brokerage is one year when Tata Steel price can reach the defined target
details from both parties
We believe this is not a cause for concern as: 1) such procedures are commonplace in big transactions like the one in question; and 2) both
While we do not rule out additional pressure on the TSL stock until the investigation resumes, at this stage we do not believe the deal
deadline would be missed materially
At its Investor day held recently, TSL mentioned that both parties are engaging in constructive discussion with the EC.
Complex transaction-
clearances needed in 17 jurisdictions: We understand that the ongoing JV is a complex transaction requiring clearances in 17 jurisdictions
The first approval has been already received in the US on 7 November, 2018, and the work on obtaining clearances is underway in other
regions such as Asia, South Africa, and South America, Brazil
December, 2018 to 7 January, 2019, the deadline for the deal is unlikely to be missed materially
