Future Group tumbles after Amazon wins arbitration order against Reliance deal

Future Lifestyle Fashions

26/10/2020 04:44

** Future Group stocks  FURE.NS ,  FRTL.NS ,  FTRE.NS ,
 FUTE.NS ,  FLFL.NS  slide between 3.57% and 8.48%
    ** A Singapore arbitration panel has put on hold Future
Group's $3.38 bln asset sale to Reliance Industries Ltd
 RELI.NS   urn:newsml:reuters.com:*:nL1N2HG0R2
    ** Amazon, which had alleged deal between the Indian firms
breached existing agreements, gets emergency order to halt cos
from proceeding until arbitration tribunal is formed
    ** Amazon acquired 49% stake in Future Coupons Ltd, promoter
entity which owns 7.3% interest in Future Retail, last year
    ** But Amazon's investment came with right of first refusal
and non-compete-like pact, media had reported, and ecommerce
giant later started arbitration proceedings in Singapore
    ** Reliance said in August it would buy retail and wholesale
business as well as logistics and warehousing business of Future
Group 
    ** Reliance Retail intends to complete transaction under
terms of agreement with Future Group without any delay, Reliance
Retail Ventures Ltd said on Sunday
    ** In any enforcement proceedings, co would take appropriate
steps to ensure proposed transaction will proceed unhindered
without any delay, Future Retail said
file:///C:/Users/u6044241/Downloads/20201026-FRL%20Media%20Relea
se%20-%20SIAC%20matter.pdf on Monday
    ** Shares of Future Retail slip as much as 8.48% to 71.20
rupees, their lowest since Oct. 20; Future Supply Chain
Solutions falls 4.96% and Future Enterprises falls 5%
    ** Reliance Industries' shares down 2.27% on Monday at 2,065
rupees amid 0.2% fall in Indian equities  .BO 



 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))