The Mint Report 01 July 2010

The Mint Report 01 July 2010

We begin with the battle for Parkway, which is now officially underway. On Thursday Fortis made a bid worth $2.3 billion for about 75% of the company. That’s a share price of $3.80. Fortis currently owns a little over 25% of the company. In May, Malaysian sovereign wealth fund Khazanah made its own bid for 51.5% of Parkway.

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India’s top auto companies have posted a rise in sales for the month of June. Maruti Suzuki saw an eighteen percent percent rise to 72,812 units. And Hyundai’s domestic sales were up 19% at 27,366 cars. Mahindra and Mahindra also did well, posting Indian sales of 26,243 units, a rise of 16.5%.

In other good new for the economy, food inflation has slowed down for the middle of June. The food price index rose 12.92% in the period to 19 June. That’s a sharp fall from the previous week’s 16.90%.