Satyam calls off $1.6 billion deal | business | Hindustan Times
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Satyam calls off $1.6 billion deal

In the face of stiff resistance from shareholders, Satyam Computers Chairman cancelled the proposed $ 1.6 billion acquisition of two infrastructure businesses promoted by his son.

business Updated: Dec 17, 2008 09:22 IST

In the face of stiff resistance from shareholders, Satyam Computers Chairman Ramalinga Raju on Wednesday cancelled the proposed $ 1.6 billion acquisition of two infrastructure businesses promoted by his son.

Within hours of announcing that it would acquire Maytas Properties and Maytas Infrastructure for Rs 8,000 crore, Satyam Computers reversed its decision.

The news for acquisition had led to plummeting of Satyam's shares at American bourses by 55 per cent in the opening trade.