Ambani bros lead the list of sour deals

Placed among the wealthiest people globally,the Ambani brothers’ groups also have the dubious distinction of accounting for over 90 per cent of the estimated USD 27 billion merger and acquisition deals that could not fructify so far this year,says a research report.

The biggest non-starter was Reliance Industries’ USD 14.5 billion all-cash bid for acquiring a majority stake in bankrupt petrochemical group LyondellBasell Industries. The mega deal collapsed in March after LyondellBasell termed Mukesh Ambani’s RIL’s proposal as undervalued.

Younger sibling Anil Ambani-led Reliance Communications’ move to merge its telecom tower business with GTL Infra in a USD 10.8 billion also failed to take off.

According to the data compiled by research firm VCC Edge,as many as nine deals have been called off so far in 2010,together worth about USD 27 billion.