ORIENT-EXPRESS SAYS IT DIDN'T TALK FURTHER WITH TATAS
Asia Pulse, May 9, 2008 Friday 6:12 PM EST
Orient-Express Holdings, owners of luxury hotels and trains, on Thursday said it had had no further conversations with India's Tata Group for a strategic alliance between them.
During a conference call on Thursday to discuss its first quarter results, Orient-Express Hotels CEO Paul White said that "we had not had any further conversations" with Tata Group's Indian Hotels for a strategic tie-up.
White was replying to a question whether the company had any discussions with Indian Hotels on the subject of a strategic alliance.
There have been speculations about a takeover attempt by Tata group's Indian Hotels ever since it disclosed late last year a 10.5 per cent shareholding in Orient-Express.
Meanwhile, the firm's net loss widened to US US$4.3 million in the January-March quarter of 2008, from US$3.7 million in the same period a year ago.
There are also rumours of DLF mulling a possible acquisition of OEH.
Earlier, OEH management had rebuffed Tatas' demand for a business alliance, saying any association with a predominantly Indian brand would dilute its premium brand value. This evoked a strong reaction from Tatas, which sought a public apology for using libellous remarks in the refusal.
(PTI)
Terms and Conditions Privacy Policy




