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No fresh communication from Tatas: Orient-Express

No fresh communication from Tatas: Orient-Express
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First Published: Fri, May 09 2008. 03 20 PM IST
Updated: Fri, May 09 2008. 03 20 PM IST
PTI
London: Orient-Express Holdings, owners of luxury hotels and trains, has said there has been no fresh communication from India’s Tata Group for a strategic alliance between them.
During a conference call on Thursday to discuss its first quarter results, Orient-Express Hotels CEO Paul White said that “we had not had any further conversations” with Tata Group’s Indian Hotels for a strategic tie-up.
White was replying to a question whether the company had any discussions with Indian Hotels on the subject of a strategic alliance.
There have been speculations about a take-over attempt by Tata group’s Indian Hotels ever since it disclosed late last year a 10.5% shareholding in Orient-Express.
Meanwhile, the firm’s net loss widened to $4.3 million in the January-March quarter of 2008, from $3.7 million in the same period a year ago.
There are also rumours of DLF mulling a possible acquisition of OEH.
Earlier, OEH management had rebuffed Tatas’ demand for a business alliance, saying any association with a predominantly Indian brand would dilute its premium brand value. This evoked a strong reaction from Tatas, which sought a public apology for using libellous remarks in the refusal.
Shares of the company closed at $44.86, down 5.48% on the New York Stock Exchange on 9 May.
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First Published: Fri, May 09 2008. 03 20 PM IST