Hyderabad-based Rain Commodities’ wholly-owned North American subsidiaries, Rain USA and Rain Canada, have withdrawn as rival bidder to Oxbow's proposal of C$14.00 per unit for acquiring the assets of the Toronto-based Great Lakes Carbon Income Fund. GLC Income Fund is a trust established to indirectly hold the securities of GLC Carbon USA, Inc., the world's largest producer of both anode and industrial grade calcined petroleum coke. Rain Canada would receive a termination fee of C$17 mn (Rs. 64 crores) in cash from the fund prior to it actually entering into an agreement with Oxbow as required under the terms of its agreement with GLC Carbon Fund.
Rain USA stills retains the option to sell its indirect 20.22% stake in GLC Carbon, acquired in March 2006, as the fund is required to ensure that US-based Oxbow makes an offer to each stockholder of GLC Carbon to buy such equity interests.
Read the article in Business Standard.
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