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Approvals of mergers and acquisitions will now be speedier, easier and more transparent with the revised combinations regulations of the <keyword id="97393" type="ORGANIZATION" weightage="100" keywordseo="Competition-Commission-of-India">Competition Commission of India</keyword> (CCI). Stakeholders, for long, were demanding the revision of tedious compliance requirements of the competition regulator. 
 
As per the new guidelines, a summary of every combination (merger and acquisition) under review will be published on the website of CCI. 
CCI has also simplified forms required to be filed for notifying combination. 
 
In recent months CCI has seen a spurt in number of merger notices being filed. Last year, the regulator was getting three notices per month on an average. This year the number has gone up to ten notices per month. 
"A key change brought in the amendments is in relation to the definition of the term other document. To bring in more certainty, scope of the term other document has now been limited to a communication conveying the intention to make an acquisition to a statutory authority," said a statement from CCI. 
 
The number of copies of notice to be filed with the Commission has also been reduced. 
 
(image credits: indiatimes)

Revised regulations for faster merger approvals

Singapore: <keyword id="20036942" type="General" weightage="100" keywordseo="Singapore-Airlines" source="keywords" meta.keywordsubtype="org" meta.entityname="Singapore Airlines" meta.hostid="83" meta.entityid="Singapore Airlines">Singapore Airlines</keyword> on Friday said it has received approval from the Indian government for the foreign direct investment as part of the proposed merger of <keyword id="20018887" type="General" weightage="20" keywordseo="Vistara" source="keywords" meta.keywordsubtype="org" meta.entityname="Vistara" meta.hostid="83" meta.entityid="Vistara">Vistara</keyword> with <keyword id="19896871" type="General" weightage="20" keywordseo="Air-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Air India" meta.hostid="83" meta.entityid="Air India">Air India</keyword>, a deal that will create one of the world's largest airline groups. With the clearance in place, the merger that will see Singapore Airlines acquiring a 25.1 per cent stake in Air India, is expected to be completed by the end of this year. The proposed merger was announced in November 2022. Air India is owned by <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="83" meta.entityid="Tata Group">Tata Group</keyword> and Vistara is a 51:49 joint venture between Tatas and Singapore Airlines. In a regulatory filing on Friday, Singapore Airlines (SIA) said it has received approval from the Government of India for Foreign Direct Investment (FDI) into the enlarged Air India as part of the proposed merger. "The FDI approval, together with anti-trust and merger control clearances and approvals, as well as other governmental and <keyword id="19941849" type="General" weightage="20" keywordseo="regulatory-approvals" source="keywords">regulatory approvals</keyword> received to-date, represent a significant development towards the completion of the proposed merger," the airline said in the filing to the Singapore Stock Exchange. The airline also said the completion of the merger continues to be subject to compliance by the parties with applicable Indian laws, which is currently expected to be completed in the next few months. "At this juncture, completion of the proposed merger is anticipated to occur by the end of 2024," it added. According to Singapore Airlines, the parties are in discussions to extend the long stop date for the completion of the merger. Earlier, it was expected to be October 31, 2024. The merger, which will create one of the biggest airline groups, was approved by the National Company Law Tribunal (NCLT) in June. In March, Singapore's competition regulator CCCS gave a conditional nod for the proposed deal. Prior to that in September 2023, the deal received approval from the Competition Commission of India (CCI), subject to certain conditions. "SIA will make the necessary announcement(s) upon completion of the proposed merger or in the event that there are other significant developments," the filing said on Friday.

Singapore Airlines gets FDI nod from Indian govt for Vistara-Air India merger

Singapore Airlines will make an additional investment of Rs 3,194.5 crore in Tata Group-owned Air India post-merger of Vistara in November. The merger, announced on November 29, 2022, and set to be completed on November 11, 2024, will result in Singapore Airlines having a 25.1% stake in the enlarged Air India. Full-service carrier Vistara, which started flying on January 9, 2015, is a joint venture between Tatas and Singapore Airlines, where the latter holds a 49% shareholding. Vistara's last flight will take off tomorrow i.e. November 11, 2024. Singapore Airlines (SIA) Group on Friday said its consideration for the merger comprises the 49% interest in Vistara and Rs 20,585 million (Rs 2,058.5 crore) in cash in exchange for a 25.1% equity interest in the enlarged Air India. Post-merger, SIA expects to recognize a non-cash accounting gain of around 1.1 billion Singapore dollars and also start equity accounting for its share of Air India's financial results. According to a release on Friday, the merger includes an agreement for SIA to contribute its share of any funding previously provided by Tata prior to the completion of the merger, together with relevant funding costs up to Rs 5,020 crore that would allow it to maintain a 25.1% stake in Air India. "SIA's additional capital injection is expected to be Rs 31,945 million (equivalent to SGD 498 million), based on Tata's funding to Air India to date. This will occur after the completion of the merger and within November 2024 through subscription to new Air India shares. "Future capital injections will be considered based on Air India's requirements and available funding options," according to the release issued while announcing the airline's financial performance for the six months ended September 2024. The merger of Vistara with Air India will mark a major consolidation in the fast-growing Indian aviation space. SIA said the merged entity will have a significant presence across all key Indian air travel segments, including domestic, international, full-service, and low-cost operations. "This will strengthen SIA's multi-hub strategy, allowing it to continue participating directly in India's large and fast-growing aviation market," it added. Recently, Air India and SIA agreed to significantly expand their codeshare agreement, adding 11 Indian cities and another 40 international destinations to their network.

Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

<ul><li>A brand is one of the most important intangible assets and therefore, utmost care should be taken during the transition, which is why it is essential to build an effective brand strategy for the merger.</li><li> <keyword id="9324569" type="PERSON" weightage="20" keywordseo="Shashwat-Das">Shashwat Das</keyword>, Founder, <keyword id="7465777" type="UNKNOWN" weightage="20" keywordseo="Almond-Branding">Almond Branding</keyword> writes a few strategies a brand can adopt while merging with another company. </li></ul>Mergers are known to be a complex process as it involves aligning finances, and a shift of the brand image and transition of the consumer segment. In the case of <keyword id="8034688" type="UNKNOWN" weightage="20" keywordseo="brand-merger">brand merger</keyword>s, the loss of just one company isn’t at stake but a potential death of both is involved. Thus, during brand mergers, it is extremely important to pay attention to the minutest of details before launching or announcing the brand merger. Along with many challenges, one of the biggest threats is the competitors that can swoop in and take away your targeted segment, market value, and even the brand image. Unfortunately, a lot of brands focus on the financial aspect rather than mapping out strategies for its branding. Although, history has it that most successful brand mergers were possible because an equal priority was given to combining balance sheets and branding. A brand is one of the most important intangible assets and therefore, utmost care should be taken during the transition. Thus, it is essential to build an effective brand strategy for the merger. When different companies and/or belonging to different domains merge, setting an identity for the new entity often creates a lot of problems. Overlapping identities, conflicting cultures, variations in consumer segments, individual reputation, and market value are at high risks. A clearly designed <keyword id="383214" type="PERSON" weightage="20" keywordseo="branding-strategy">branding strategy</keyword> wouldn’t only lessen the risk curve but also help give a tough competition to other players of the industry. <keyword id="522755" type="PERSON" weightage="20" keywordseo="brand-architecture">Brand Architecture</keyword> Strategies Conventionally there are four brand merger alternatives viz. The brand remains independent/No change, Combined/Fusion Branding, Lead brand overshadows another/Stronger Horse, and creates a completely new brand. The best way to assess the branding strategy for a successful transition is to underpin the brand architecture option. This will also help you decide whether the conservative or aggressive strategy is needed for the brand merger. <ol><li>The brand remains independent/No change</li></ol>This is a traditional strategy that most of the brands adopt, which not necessarily separate individually but the market space looks at it as two separate entities. The strategy is pinned with an aim to serve various consumer segments of the same market. A well-known example is the Tata taking over Jaguar and Land Rover. This merger proved to be really fruitful for Tata as the company wanted to jump into the international automobile market and create a diverse line-up from the cheapest to the most expensive automobile options. Both Jaguar and Land Rover, are known for best engraining as well as have luxurious brand image. Thus keeping the brand names intact helped Tata to appeal to the up market consumer segment after the acquisition. 2. Combined/Fusion Branding Combined is perhaps the most popular branding strategy. It is suitable or the brands having similar visions, which serves as a link for the merger giving it a fresh identity and reputation. This strategy involves different approaches: Straight Fusion - the combination of names of both entities, the best example is the merger of Exxon and Mobile, which became a joint company and came to be known as ExxonMobile. Refreshed Fusion - a new name and new brand logo is launched. ConocoPhillips is the most talked about case, as the logo signified the merger but the equity was not sacrificed by either of the brands. Hybrid Fusion - mix logos. United acquiring Continental airlines would be a precise example, which was a mixture of brand assets representing particular elements of both the brands. Lastly, Endorsed Fusion - Lead brand endorses the transition. An explicit case would be when Gannett Company started endorsing CareerBuilder. 3. Lead brand overshadows another/Stronger Horse This strategy involves elevating the better brand, which only happens if the lead company has a finer consumer base, potential, and equity. In most cases, the acquiring company is the lead brand and also at the top of the branding manifesto. Two case studies that significantly explains the stronger horse category is DHL acquiring Airborne Express and Allied Signal acquiring Honeywell. Allied Signal also used Honeywell’s brand name after the merger. 4. Creating a completely new brand Creating a new brand/entity is the most aggressive option but it proves necessary for the brands, who want to undergo a significant transition. It is the most expensive, time-consuming, and risky option as it affects the consumer relations and equity of both the brand, greatly. The most recent case is the establishment of the brand Vi. The Vodafone and Idea merger is the talk of the hour. Implementing the Brand Architecture Strategy Planning out and implementing a branding strategy needs a rigorous amount of focus and time. The right kind of plan will help emphasize the right angle and further ensure that office culture and marketing are well-coordinated. <ul><li>Zooming out and getting a 360° view It is important to know the strengths, weaknesses, history, internal culture, etc. of both the brands. It helps to identify the link between both the brands, which elements to underline while branding to create a perfect brand merger. </li></ul><ul><li>Keeping the customer in mind</li></ul>The best strategy is the one that prioritizes the target customers. During a brand merger, two different customer segments are combined thus working on USP will help tempt all kinds of segments. <ul><li>Engaging the workforce with the new culture </li></ul>One of the main reasons behind the failure of the brand merger is the inaccurate integration of work culture. Thus, a proper strategy defines office cultures, workforce, and thought-process within the new entity. <ul><li>Convey the new brand’s story </li></ul>It takes a lot of time for the audiences to identify the new brand therefore creating a brand narrative and purpose is very important. It will help create brand awareness and reach the target segment, effectively. A well-defend brand purpose will make your targeted segment to support your brand through the unpredicted new journey. <ul><li>Re-fining/Re-branding the Image </li></ul>A brand is often remembered by the way it looks. So, the design language and visual assets will make your brand more recognizable. Your logo will be noticeable if the old elements of both brands are combined. Conclusion Devoting a great deal on the branding strategy will ensure smooth amalgamation of both the brands in the mergers, making it a key factor for a successful transition. If branding is ignored, it can create a huge mess for both brands. Great branding architecture will create an evolved brand that will definitely stand true to the test of time.

Right brand architecture: A sure recipe for successful brand mergers

Global M&A market dropped by 15%, the lowest in a decade!

<ul class="summary-list"><li><keyword id="4338433" type="PERSON" weightage="60" keywordseo="Axios">Axios</keyword> and The <keyword id="62376" type="ORGANIZATION" weightage="60" keywordseo="Athletic">Athletic</keyword> are reportedly in <keyword id="42411" type="PERSON" weightage="60" keywordseo="Merger">merger</keyword> <keyword id="7337" type="PERSON" weightage="60" keywordseo="Talks">talks</keyword> to create a larger online-publishing company.</li><li>The Athletic CEO Alex Mather approached Axios CEO Jim VandeHei last week, sources told the WSJ.</li><li>The final company may look to go public via a merger with blank-check <keyword id="1817616" type="ORGANIZATION" weightage="60" keywordseo="SPAC">SPAC</keyword>, they added.</li></ul>US news website Axios is in merger talks with sports-media outlet The Athletic, people familiar with the matter told the <a href="https://www.wsj.com/articles/media-startups-axios-and-the-athletic-discuss-merger-eyeing-spac-deal-11616756401?st=3x907yto06wuaq5&amp;reflink=article_copyURL_sharehare">Wall Street Journal</a> on Friday.The discussions are at an early stage and may not come to anything, the people said. They didn't reveal the financial terms. Axios CEO Jim VandeHei said in an emailed statement that Axios leadership had "long been admirers of The Athletic business and content.""We have talked for literally years about our shared passion for premium content businesses. That said, we would never comment on private discussions about possible partnerships or deals," he said.The overall goal of the merger would be to create a larger company that could expand or acquire other digital publishers, people familiar with a presentation for potential investors told the Journal.The combined company may look to raise capital by going public via a merger with a special-purpose acquisition company, or SPAC, the people said. This is a cheaper, faster alternative to an initial public offering (IPO).Other options were under consideration, they said.Read more: <a href="https://www.businessinsider.com/meet-the-most-powerful-and-influential-tech-reporters-2021-2">The 59 top technology reporters every public relations pro should know</a>The Athletic CEO Alex Mather approached Axios CEO Jim VandeHei last week to propose the merger, the people said. Mather and VandeHei have spoken about business opportunities during the pandemic but the talks have escalated recently, they added.Axios and The Athletic believe selling subscriptions to businesses at a premium rate is a potential growth area, the people said.Both companies would continue to operate separately, one of the people told the Journal, with each having their own journalists and editorial products.The Athletic told Insider: "We do not comment on rumor or speculation. Axios has built an incredible business and we have enjoyed many conversations over the years."

Media startup Axios is reportedly in merger talks with sports-media outlet The Athletic, and the combined company could go public

<ul><li>The Indian government has decided to merge 10 state-owned banks into four, a move that has been cheered by many market participants.</li><li>These mergers can be a challenging process and take at least until April 2020 to materialise, according to CLSA.</li><li>In the meantime, competing banks will gain market share as the 10 banks focus on executing the mergers and consolidating the business and not on growing the franchise.</li><li>These expectations from the brokerage are based on similar mergers that have taken place in recent years.</li></ul>The Indian government has decided to merge 10 state-owned banks into four, a move that has been cheered by many market participants. As a part of the merger, Punjab National Bank (PNB) will be merging with Oriental Bank and United Bank which will be the second largest public sector bank in India. While PNB will retain its identity as the anchor bank, it will be ‘acquiring’ the other two smaller banks. Canara Bank will merge with Syndicate Bank to become the fourth largest bank. Union Bank of India will subsume with Andhra Bank and Corporation Bank to turn into the fifth largest state-owned bank. Indian Bank and Allahabad Bank will also merge to become the seventh largest public sector bank. However, despite these moves, the country's largest lender, the State Bank of India, may emerge as a big winner. This may help SBI's share price that is reeling near a six-month low at this point. Even the private banks like ICICI Bank, HDFC Bank, and Axis Bank, may gain more customers despite the reach of their government peers in the time that these proposed mergers are executed. The following expectations from the brokerage are based on similar mergers that have taken place in recent years. 1. The mergers may be effective from April 1, 2020. The merger of Bank of Baroda, Vijaya Bank, and Dena Bank was announced around mid-September 2018 and was effective by April 1, 2019. 2. Generally growth suffers during the merger process but over the medium-term consolidation of infrastructure does improve profitability. 3. Low-cost savings and deposits grow faster than loans and advances. 4. The investors in anchor banks-- in the current scenario PNB, Canara Bank, and Indian Bank-- will get a better deal in the merger. This will offset some of the pain and price erosion of having to share the burden of weaker banks. Bank of Baroda shareholders had an advantage of 8-9% in the share swap deal during the merger with VIjaya Bank and Dena Bank. 5. Between the merger announcement and the listing of merged shares, Bank of Baroda, Vijaya Bank, and Dena Bank underperformed the PSU-bank Index, and SBI fared better. 6. With many PSU banks focussed on merger and integration, SBI and private banks will be better placed to gain market share. SEE ALSO: <a href="https://www.businessinsider.in/business/indian-government-merges-ten-public-sector-banks-to-form-four-large-entities/articleshow/70910392.cms" data-type="tilCustomLink" target="_blank">Indian government decides to merge ten public sector banks to form four large entities</a>

SBI and private banks may gain customers from India's government banks' mergers

<ul><li><keyword id="6361420" type="General" weightage="100" keywordseo="idfc" source="Orion">IDFC</keyword> First Bank announced merger of its parent IDFC Ltd with itself in an all-stock transaction. </li><li>The boards of IDFC First Bank and IDFC have approved the reverse merger.</li><li>This is the second major deal in banking space days after the amalgamation of the HDFC twins.</li></ul>Mumbai, IDFC First Bank on Monday announced merger of its parent IDFC Ltd with itself in an all-stock transaction, marking another major deal in the Indian banking space days after the amalgamation of the HDFC twins. The boards of IDFC First Bank and IDFC have approved the reverse merger. While the bank did not provide the likely valuation of the merged entity, based on Monday's closing prices of the two companies on BSE, the valuation is Rs 71,767 crore. Under the proposed reverse merger scheme, an IDFC shareholder will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each, IDFC First Bank said in a statement. The share exchange ratio will result in a premium of about 20 per cent on the closing market price of the shares of IDFC vis-a-vis IDFC First Bank as of June 30, 2023. IDFC Chairman <keyword id="137177" type="General" weightage="20" keywordseo="anil-singhvi" source="Orion">Anil Singhvi</keyword> said the merger is the last phase of IDFC's corporate restructuring and will help create a financial services provider that offers seamless delivery of services to customers. It will augment operational efficiency for the merged entity and create synergies for our shareholders. Post the merger, the standalone book value per share of the bank will increase by 4.9 per cent, as calculated on the audited financials as of March 2023, it said, adding as of June 2023, IDFC through its non-financial holding company, owned 39.93 per cent in IDFC First Bank. IDFC First Bank's market capitalisation stood at Rs 54,311.48 crore at close today, after the stock rallied 3.2 per cent to Rs 81.94 on the BSE, while IDFC mcap stood at Rs 17,456 crore after its counter rallied 6.3 per cent to Rs 109.10, taking the combined value to Rs 71,767 crore. IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark as the other two could do. Effective July 1, India Inc's biggest merger came into effect when the mortgage major HDFC merged itself with its banking arm in an all-stock deal valued at USD 40 billion. Post-merger, announced on April 4, 2022, HDFC Bank is the world's fourth most valued bank with USD 200 billion in valuation after JP Morgan Chase, ICBC of China and Bank of America. The new giant, fully owned by public shareholders with no promoter entity, has a balance sheet of close to Rs 33 lakh crore, with the assets alone sniffing at Rs 23 lakh crore and also the largest mortgage book with close to Rs 7 lakh crore of loans. The merger will lead to simplification of the corporate structure of both entities by consolidating them and other subsidiaries into a single entity, helping streamline regulatory compliances, the companies said in separate but identical statements. Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity, but fully owned by institutional and public shareholders. The merger scheme is subject to all requisite approvals from the Reserve Bank, Sebi, Competition Commission, National Company Law Tribunal and stock exchanges, and shareholders of both entities. IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank. In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank. Since the merger, the bank built a deposit franchise that has grown 36 per cent annually since then, and has reached Rs 1,36,812 crore as of March 2023. The bank has also increased its low-cost CASA ratio from 8.6 at the merger with Capital First to 49.77 per cent as of March 2023. The bank has 809 branches and runs 925 ATMs. Its loan book stood at Rs 1,60,599 crore with a balance sheet of Rs 2,39,942 crore as of March 2023. The bank closed FY23 with a net income of Rs 2,437 crore, and its capital adequacy ratio stood at 16.82 per cent. Its gross NPAs stood at 1.65 per cent and net NPA at 0.55 per cent. Overall gross NPAs, including legacy infrastructure financing book, is 2.51 per cent, and net NPA is 0.86 per cent. "We now embark on the next phase of our growth journey towards our long-term vision, and the merger will create sustainable shareholder value in the years to come," said Sanjeeb Chaudhuri, the chairman of IDFC First Bank. In a separate statement, IDFC also said its board approved the reverse merger with the bank, and said the composite scheme of amalgamation includes the merger of IDFC and IDFC Financial Holding Company with IDFC First Bank. IDFC First Bank MD V Vaidyanathan said: "We have built a strong deposit franchise, digital innovation, customer-friendly products, strong capital buffer, growing profitability and high corporate governance".

IDFC to merge with its banking arm in all-stock deal

<ul class="summary-list"><li>The FTC announced a lawsuit that blocks a merger between <keyword id="20279131" type="General" weightage="20" keywordseo="luxury-brands" source="keywords">luxury brands</keyword> Tapestry and Capri.</li><li>The FTC claims Tapestry's acquisition of Capri could make more affordable luxury bag options expensive.</li></ul>The <a target="_blank" href="https://www.businessinsider.com/twitter-employees-saved-elon-musk-ignored-orders-ftc-2024-2">FTC</a> is trying to stop a merger between brands Tapestry and Capri that would put labels <a target="_blank" href="https://www.businessinsider.com/coach-cool-again-gen-z-is-spending-more-luxury-brand-2023-8">Coach</a>, Kate Spade, <keyword id="20040782" type="General" weightage="20" keywordseo="Michael-Kors" source="keywords" meta.keywordsubtype="org" meta.entityname="Michael Kors" meta.hostid="261" meta.entityid="Michael Kors">Michael Kors</keyword>, Jimmy Choo, and Versace under one luxury house. <a target="_blank" href="https://www.businessinsider.com/tapestry-coach-owner-acquires-capri-holdings-versace-michael-kors-2023-8">Tapestry, Inc.</a>, which owns Kate Spade and <keyword id="20115195" type="General" weightage="20" keywordseo="Coach" source="keywords" meta.keywordsubtype="org" meta.entityname="Coach" meta.hostid="261" meta.entityid="Coach">Coach</keyword>, announced in August its intent to acquire <a target="_blank" href="https://www.businessinsider.com/michael-kors-net-worth-life-success-capri-holdings-2019-9">Capri Holdings</a>, which owns Michael Kors, for $8.5 billion. Regulators in the <a target="_blank" href="https://www.reuters.com/markets/deals/tapestry-merger-with-versace-owner-capri-gets-eu-japan-approval-2024-04-15/#:~:text=Tapestry%20merger%20with%20Versace%20owner%20Capri%20gets%20EU%2C%20Japan%20approval,-By%20Juveria%20Tabassum&amp;text=April%2015%20(Reuters)%20%2D%20Coach,the%20companies%20said%20on%20Monday.">European Union and Japan</a> are on board with the acquisition — but US regulators are taking a different approach. The FTC announced that it filed a lawsuit Monday to block the merger. The commission said in a <a target="_blank" href="https://www.ftc.gov/news-events/news/press-releases/2024/04/ftc-moves-block-tapestrys-acquisition-capri">press release</a> it believes the action would give Tapestry "a dominant share of the 'accessible luxury' <a target="_blank" href="https://www.businessinsider.com/guides/style/how-to-buy-a-birkin-bag">handbag market</a>." If Tapestry took over Michael Kors, the FTC claims, it would make the brand's luxury options more expensive. "With the goal to become a serial acquirer, Tapestry seeks to acquire Capri to further entrench its stronghold in the fashion industry," Henry Liu, director of the FTC's Bureau of Competition, said in the press release. "This deal threatens to deprive consumers of the competition for affordable handbags, while hourly workers stand to lose the benefits of higher wages and more favorable workplace conditions." Both Tapestry and <a target="_blank" href="https://www.capriholdings.com/news-releases/news-releases-details/2024/Capri-Holdings-Limited-Issues-Statement-on-FTC-Action-Seeking-to-Block-Proposed-Transaction-with-Tapestry-Inc/default.aspx">Capri Holdings</a> released statements opposing the FTC's accusations and vowed to fight the lawsuit in court. The companies disagreed with the FTC, saying that they operate "intensely competitive and highly fragmented industry." "The bottom line is that Tapestry and Capri face competitive pressures from both lower- and higher-priced products," Tapestry <a target="_blank" href="https://www.businesswire.com/news/home/20240422792070/en/">said in its statement.</a> "In bringing this case, the FTC has chosen to ignore the reality of today's dynamic and expanding $200 billion global luxury industry." Tapestry did not immediately respond to a request for comment. Capri Holdings directed BI to its public statement, and the FTC declined to comment further. The FTC, under the guidance of chair Lina Khan, has gone after a series of mergers and acquisitions over the past few years, including Microsoft's purchase of <a target="_blank" href="https://www.businessinsider.com/ftc-suing-to-stop-microsoft-activision-blizzard-acquisition-2022-12">Activision Blizzard</a> and Meta's purchase of <a target="_blank" href="https://www.businessinsider.com/ftc-sues-to-block-meta-from-buying-vr-company-within-2022-7">VR company Within</a>. Both of these lawsuits failed to block these purchases. This is the FTC's first lawsuit in the fashion accessories sector, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-22/us-sues-to-block-8-5-billion-marriage-of-coach-michael-kors?sref=yaJhKSOh">according to Bloomberg</a>. More recently, the agency filed a lawsuit to block the $24.6 billion merger of grocery chains <a target="_blank" href=" https://www.businessinsider.com/heres-how-much-retail-jobs-pay-from-amazon-to-walmart-2024-4">Albertsons and Kroger</a>, which it said was the "largest proposed supermarket merger in US history." The companies responded by pledging to sell hundreds of stores to competing grocery chain C&amp;S Wholesale Grocers.

Coach and Michael Kors merger sparks handbag wars as US FTC moves to block the deal

<ul class="summary-list"><li><keyword id="11971363" type="UNKNOWN" weightage="60" keywordseo="frontier-airlines" source="Orion">Frontier Airlines</keyword> just announced the groundbreaking <keyword id="11930033" type="UNKNOWN" weightage="60" keywordseo="merger" source="Orion">merger</keyword> with low-cost rival Spirit.</li></ul><a href="https://www.businessinsider.com/frontier-spirit-airlines-merger-6-billion-deal-2022-2">The $6.6 billion merger of low-cost rivals Frontier Airlines and Spirit Airlines</a> is expected to shake up the industry, but consumers can still expect low fares, as well as more destination options, experts say.On Monday, Denver-based Frontier <a href="https://www.globenewswire.com/news-release/2022/02/07/2379798/30034/en/Frontier-Airlines-and-Spirit-Airlines-to-Combine-Creating-America-s-Most-Competitive-Ultra-Low-Fare-Airline.html">announced</a> the deal that would create the 5th-largest airline in the US. According to the carriers, the merger will be a win for consumers by combining both networks to offer over 1,000 daily flights to more than 145 destinations across 19 countries.Frontier executives explained in a <a href="https://event.on24.com/eventRegistration/console/EventConsoleApollo.jsp?&amp;eventid=3635565&amp;sessionid=1&amp;username=&amp;partnerref=&amp;format=fhaudio&amp;mobile=&amp;flashsupportedmobiledevice=&amp;helpcenter=&amp;key=CEB670CB3DA2F09DAE5B6C6082F23B20&amp;newConsole=true&amp;nxChe=true&amp;newTabCon=true&amp;consoleEarEventConsole=false&amp;text_language_id=en&amp;playerwidth=748&amp;playerheight=526&amp;eventuserid=511013681&amp;contenttype=A&amp;mediametricsessionid=442868021&amp;mediametricid=5105580&amp;usercd=511013681&amp;mode=launch">conference call</a> with press that this would allow the <keyword id="11898285" type="UNKNOWN" weightage="60" keywordseo="airlines" source="Orion">airlines</keyword> to establish new markets for travelers to fly to, particularly to cities that, independently, the carriers could not make work."Spirit is very strong in the east, Frontier very strong in the west, that's going to drive more customers onto our existing flights, meaning more low fares for more people," Frontier said. "A lot of small and mid-size communities will benefit from that ability to grow more."Henry Harteveldt, analyst and president of Atmosphere Research Group, agreed with the airlines in terms of the network strategy."When you combine Frontier and Spirit, you will have a large coast to coast low-fare airline with extension international service into the Caribbean and Latin America," he told Insider. "You could have one low-fare airline that could take you to more places nonstop, or, in other cases, one stop in a hub.""The combined airline may have the market strength to enter routes where perhaps it felt it couldn't compete, like mainland to Hawaii where they could inject a new level of price competition that we have not seen in a long time," he continued.He also sees an opportunity for Frontier and Spirit to enter more routes focused on business <keyword id="11896628" type="UNKNOWN" weightage="60" keywordseo="travel" source="Orion">travel</keyword>. In regards to fares, Harteveldt believes the merger will still allow the airlines to keep prices low."Frontier and Spirit will still be a low-fare leader," he told Insider. "What we don't know is if they will be the absolute lowest price on a given route, versus, say, <keyword id="12466133" type="UNKNOWN" weightage="60" keywordseo="allegiant" source="Orion">Allegiant</keyword>. But I believe the combined airline will be less expensive at the base fare than competitors like Alaska, JetBlue, Southwest, or the three network airlines."Kerry Tan, an associate professor of economics at Loyola University, said the larger operation will provide more flight frequencies, causing fewer travelers to be left stranded when there are flight disruptions."I expect an increase in the number of destinations from these locations as well as improved on-time performance with a larger fleet for the combined airline," Tan told Insider. "The issue with Frontier, in particular, is that they commonly service routes a few times a week so if your flight gets canceled, then the next flight won't be for a couple of days."Harteveldt said he doesn't see a reason for the merger to be blocked by the Biden Administration, but the government should ask for certain conditions on approval."Neither Frontier nor Spirit has the greatest reputation for customer service," he told Insider. "One thing these airlines will have to address as part of the merger is to become more customer-focused. I think the Department of Justice would be right in saying if they let the merger go through, then they will have a close watch on the customer complaints."

The merger of the 2 largest US low-cost airlines could mean more options for low fares for customers

Reserve Bank of India has given its nod for the reverse <keyword id="42411" type="General" weightage="20" keywordseo="merger" source="Orion">merger</keyword> of <keyword id="6361420" type="General" weightage="20" keywordseo="idfc" source="Orion">IDFC</keyword> Ltd with its banking subsidiary <keyword id="7145428" type="General" weightage="20" keywordseo="idfc-first" source="Orion">IDFC First</keyword> Bank. The boards of IDFC First Bank and IDFC have approved the reverse merger in July. "....IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) have received letters dated December 26, 2023 from <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> whereby RBI has conveyed its 'No Objection' to the composite scheme of amalgamation, subject to compliance with the terms specified therein," IDFC Ltd said in a regulatory filing. As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd. The scheme remains subject to other statutory and regulatory approvals, including from the National Company Law Tribunal and the respective shareholders and creditors of the companies involved under the applicable laws, it said. Under the proposed reverse merger scheme, an IDFC <keyword id="6388677" type="General" weightage="20" keywordseo="shareholder" source="Orion">shareholder</keyword> will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each. Post the merger, the standalone book value per share of the bank will increase by 4.9 per cent, as calculated on the audited financials as of March 2023, it said, adding that as of June 2023, IDFC through its non-financial holding company, owned 39.93 per cent in IDFC First Bank. IDFC was an infra lender in the private sector space, and following its bigger peers like ICICI and IDBI, it also launched a banking subsidiary in 2015 -- IDFC Bank -- but could not make a mark as the other two could do. Like HDFC Bank, the merged IDFC First Bank will also have no promoter entity, but fully owned by institutional and public shareholders. IDFC began as an infra lender in 1997. It got in-principle approval from the RBI to set up a bank in April 2014, and in October 2015, it launched IDFC Bank when on-tap licensing began, following which loans and liabilities of IDFC were transferred to the bank. In December 2018, it took over Capital First, a consumer and MSME-focused non-bank since 2012, and was renamed as IDFC First Bank and became a full-service universal bank.

RBI approves IDFC-IDFC First Bank merger

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/kroger-plans-1-billion-by-selling-your-grocery-data-2023-2">Kroger</a> and Albertsons are facing off against the FTC in court over their proposed $24.6 billion merger.</li><li>The FTC argues the merger would reduce competition and raise grocery prices.</li></ul>The fate of the <a target="_blank" class="" href="https://www.businessinsider.com/how-kroger-albertsons-merger-impact-workers-shoppers-grocery-inflation-2022-11">largest supermarket merger</a> in US history hangs in the balance as an ongoing three-week hearing unfolds inside an Oregon federal courtroom.Supermarket giants Kroger and <a target="_blank" class="" href="https://www.businessinsider.com/where-kroger-and-albertsons-grocery-stores-overlap-2022-12">Albertsons</a> are duking it out in court against regulators who are trying to block the companies <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/ftc-states-sue-to-block-kroger-s-24-6-bln-albertsons-deal-1033106297">proposed $24.6 billion merger</a> over antitrust concerns.The chains argue that Kroger's acquisition of Albertsons would boost competition with behemoth retail rivals like <a target="_blank" class="" href="https://www.businessinsider.com/walton-family-sam-walmart-stock-billionaires-estate-planning-inheritance-wealth-2024-8">Walmart</a>, <a target="_blank" class="" href="https://www.businessinsider.com/canceled-costco-membership-bad-for-me-would-never-go-back-2023-9">Costco</a> and <a target="_blank" class="" href="https://www.businessinsider.com/amazon-aws-sales-guidelines-spread-doubt-about-openai-ai-capabilities-2024-8">Amazon</a>, while regulators from the <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-amazon-execs-signal-messaging-app-ftc-investigation-2024-4">Federal Trade Commission</a> allege the opposite, saying the deal is actually anticompetitive and would result in higher grocery prices for millions of Americans, as well as lower wages for workers.Both sides are currently making their case before US District Judge Adrienne Nelson, who will ultimately decide at the end of the hearing next month whether to approve the FTC's request for a preliminary injunction against the merger.Already this week, a <a target="_blank" class="" href="https://www.businessinsider.com/kroger-milk-eggs-prices-increased-beyond-inflation-executive-testifies-report-2024-8">Kroger executive's internal email about price hikes</a> for eggs and milk beyond the added costs from inflation has drawn scrutiny in the courtroom.If the judge overseeing the hearing ultimately rules in favor of the FTC, the deal between Kroger and Albertsons could end up torpedoed completely. A temporary injunction would put the merger on ice as the FTC holds a separate in-house proceeding over the deal before an administrative law judge."This merger will not occur if this injunction is in place," Kroger attorney Matthew Wolf <a target="_blank" class="" href="https://www.cincinnati.com/story/money/2024/08/27/ftc-kroger-albertsons-grocery-merger-update-federal-court-hearing/74887346007/">told</a> the court on Monday as the federal court hearing kicked off in Oregon.<div type="image" title="FILE PHOTO: Customers leave an Albertsons grocery store with their purchases in Burbank, California, U.S., July 17, 2012. REUTERS/Fred Prouser" height="2023" width="3000" msid="112932546" hostid="261" sizebytes="279094"></div>Wolf <a target="_blank" class="" href="https://apnews.com/article/kroger-albertsons-grocery-merger-ftc-9fdb26cc044ee21a7a486c03caae6a5d">said</a> that the FTC's internal administrative process is so drawn out that merger deals typically collapse before the proceedings are completed.In his opening statements to the court on Monday, Wolf <a target="_blank" class="" href="https://www.reuters.com/business/retail-consumer/us-ftcs-bid-block-kroger-albertsons-merger-heads-trial-2024-08-26/">argued</a> that the merger would instantly lower some prices for patrons at Albertsons stores, where company officials disclosed are up to 12% higher than Kroger's.The attempt by federal regulators to lower prices by blocking the merger shows that "they neither understand the industry nor the parties within it," said Wolf."Supermarkets are losing this food fight, and who are they losing it to? Walmart, Costco, and Amazon, among others," Wolf <a target="_blank" class="" href="https://www.supermarketnews.com/kroger/kroger-albertsons-get-their-day-court">told</a> the court.Albertsons attorney Enu Mainigi said that the retailer may be forced to close stores and lay off workers if the merger does not go through.The FTC's chief trial counsel, Susan Musser, <a target="_blank" class="" href="https://www.nytimes.com/2024/08/26/business/economy/ftc-kroger-albertsons-merger-court.html">argued</a> in her opening statement on Monday that the proposed merger "would eliminate the competition that shoppers and workers depend on in one fell swoop.""This lawsuit is part of an effort aimed at helping Americans feed their families," Musser <a target="_blank" class="" href="https://apnews.com/article/kroger-albertsons-grocery-merger-ftc-9fdb26cc044ee21a7a486c03caae6a5d">said</a>.Dozens of witnesses are expected to testify at the hearing over the next couple of weeks, including the CEOs of Kroger and Albertsons.<h2 id="90321246-9194-42a3-8a64-73496bafb64b">Regulators sued to block the Kroger-Albertsons merger deal earlier this year</h2><div type="image" title="Kroger" height="3456" width="5184" msid="112932542" hostid="261" sizebytes="999610"></div>In February, more than a year after Kroger and Albertsons announced the merger mega-deal, the FTC sued to block it.Attorneys general in Arizona, California, Illinois, Maryland, Nevada, New Mexico, Oregon, Wyoming and the District of Columbia all joined the FTC's lawsuit. The attorneys general in Colorado and Washington have also filed separate lawsuits in an attempt to halt the deal."Kroger and Albertsons are two of the largest supermarket chains in thousands of local communities throughout the country," attorneys argue in the FTC lawsuit. "In hundreds of those communities, the proposed acquisition would create a single supermarket with market shares so high as to be presumptively unlawful under the antitrust laws."The lawsuit alleges that "the proposed acquisition would also eliminate the substantial head-to-head competition between Kroger and Albertsons that exists today, which risks higher prices and lower quality for consumers."The FTC says in its lawsuit that the stakes for Americans are "exceptionally high" as the agency notes how grocery prices have risen significantly in recent years."The fierce competition between these two grocery giants has benefited millions of American consumers through lower prices for food and household essentials," the lawsuit says. "It has also benefited hundreds of thousands of grocery store workers who, as a result of competition for their labor, earn better wages and benefits."It continues, "If allowed to proceed, the proposed acquisition would destroy this competition, likely making it more expensive for millions of families to put food on the table."Meanwhile, Kroger filed a lawsuit against the FTC last week, arguing that the agency's administrative proceeding against the merger violates the Constitution while citing, in part, a <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-strips-sec-enforcement-power-financial-fraud-jarkesy-2024-6">recent Supreme Court ruling</a>."The merger between Kroger and Albertson's is squarely focused on ensuring we bring customers lower prices starting day one while securing the future of good-paying union jobs," Kroger CEO and chairman Rodney McMullen <a target="_blank" class="" href="https://ir.kroger.com/news/news-details/2024/Kroger-Files-Motion-to-Enjoin-the-FTCs-Administrative-Merger-Challenge/default.aspx">said</a> in a statement at the time."We stand prepared to defend this merger in the upcoming trial in federal court – the appropriate venue for this matter to be heard – and we are asking the Court to halt what amounts to an unlawful proceeding before the FTC's own in-house tribunal," McMullen said.Kroger operates more than 2,700 stores across 36 states under names including Fred Meyer, Dillon's and Smith's, while Albertsons controls more than 2,200 stores across 35 states under banners like Safeway, Shaws, and Acme.In 2022, Kroger and Albertsons generated more than $148 billion and $72 billion in revenues, respectively.As part of the proposed merger, Kroger and Albertsons said they would sell 579 stores to the grocery supply company C&amp;S Wholesale Grocers.

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