Infosys facing competition for Axon?

by Editor 9/5/2008 3:28:00 PM
IT consulting firm Axon, which received a £407.1 million bid from Indian IT services company Infosys in August, may now receive a counter offer from another Indian firm, HCL Technologies.

Axon was set to become Infosys’ first European acquisition, but rumours surfaced yesterday that suggest that investment bank Merrill Lynch had been appointed to advise HCL Technologies on its offer, while Standard Chartered was lined up to provide the financing for the deal.

An HCL representative said: “We cannot comment on market rumours.”

Meanwhile, Infosys CFO V. Balakrishnan did not seem concerned over the speculation.

“These are hypothetical situations”, he said. “Even so, you have to understand the bid in the context of a people-intensive business. The offer we made has been ratified by the Axon management, accepted by its investors and even Axon employees are with us. So we do not see any obstacle to the acquisition.”

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