Private equity deal goes sour in India

It looked like a done deal, but ActisÆ (erstwhile the UK's CDC) attempt to buy into one of IndiaÆs only remaining large confectionery players is called off at the final stage.
ActisÆ erstwhile CDC, UK deal to buy into one of IndiaÆs only remaining large domestic confectionery players, Nutrine was called off at the eleventh hour early this week underscoring once again how tenuous are the agreements reached with family-owned businesses in Asia. Actis had been in negotiations with the Reddys, the family that owns Nutrine, since the middle of 2005.

It had finalized a new management team led by ParryÆs Confectionery MD, NC Venugopal to run the business. The deal was widely presumed to be only the formality of final signing away from closure. However, a sudden volte face by the owners, speculated to have been caused by differences within the seller family...

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