- Tech Mahindra won the auction for a controlling stake in Satyam Computer Services, the disgraced Indian outsourcing group. Tech Mahindra, which is partly owned by British telecommunications group BT, will pay $353m for a 31 per cent state in Satyam, which is still reeling from an accounting scandal that has made its former chairman the target of criminal investigations.
- Seagate scrapped its dividend payments and raised $430m in a secured bond issue as it tried to weather the steep downturn in the diskdrive business. The latest evidence of collapsing profit margins wiped nearly 5 per cent off its share price, even as the company gained market share.
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