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Itochu may buy Redington for €400m

India: Japanese trading conglomerate Itochu Corporation is discussing an acquisition of broadliner Redington for as much as €400 million. Singapore-based NRI family Kewalram Chanrai, Standard Chartered Private Equity and Taiwanese IT distributor Synnex together own over 55% stake in the Chennai-based Redington, which is run by an independent management team under R Srinivasan. The three could offload shares to Itochu at a premium to the prevailing market price, if talks fructify. Itochu, with a history dating back to 1858, is Japan's third largest trading giant after Mitsubishi Corporation and Mitsui & Co. It has used acquisitions to bulk up trading presence in IT and communication products. Redington would provide Itochu a big boost in India and Middle East markets, Redington owning subsidiaries in Angola, Bahrain, Egypt, Ghana, Iraq, Kazakhstan, Kenya, Kuwait, Libya, Morocco, Nigeria, Oman, Qatar, Saudi Arabia, South Africa, Tanzania, Turkey, Uganda and the United Arab Emirates (source : The Times of India).

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