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Summary Essar Global Fund Limited owns 78.02 percent of London-listed Essar Energy.
LONDON (AFP) - Indian Energy Company Essar rejected on Monday a full takeover bid from its majority owner Essar Global Fund Limited, saying that the offer undervalued the group.
On February 17, EGFL, which owns 78.02 percent of London-listed Essar Energy, had offered 70 pence a share for the stock it does not own.
Philip Aiken, chairman of an independent committee of the Essar board, formed to consider the bid, said in a statement that "the current proposal from EGFL clearly undervalues the company and its long-term growth prospects".
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