BIC Group has received court approval for the acquisitions of 40% shares in India’s Cello Pens & Stationery following agreements signed on January 21, 2009
The decision by the Tribunal, constituted under the Rules of the Singapore International Arbitration Center, means BIC will now proceed with the share purchase.
As part of the agreement, BIC benefits from a call option in 2013 to increase its stake to 55% at a price based on a formula tied to earnings.
On January 4, 2010, Cello management proposed to the BIC Group to unwind and terminate the deal. This led to BIC initiating court proceedings in order to obtain the full completion of the agreements, which it has now achieved.