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Fairfax set to acquire 61% of IDBI Bank for $5.6 billion
Reuters Breakingviews calls it a cheap valuation for Fairfax and an okay return for state rescuer LIC.
TLDR
Reuters Breakingviews says Canada’s Fairfax is set to acquire 61% of IDBI Bank for $5.6 billion, calling it the largest foreign bet on an Indian lender. The commentary sees a cheap valuation for Fairfax and an okay return for state rescuer LIC, but says the deal will test whether New Delhi is willing to stand back.
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