Canada-India $5.5 Billion IDBI Bank Takeover Faces Opposition From Workers, Politicians

According to CNBC, Fairfax Financial Holdings’ proposed $5.5 billion takeover of IDBI Bank is facing opposition from employees and political parties in India. The United Forum of IDBI Officers and Employees called for a two-day nationwide strike on Sunday and urged the government to cancel the privatization process. Rahul Gandhi, India’s opposition leader, backed the unions last week, arguing that the sale of more than 60% of the state-owned bank would conflict with previous governments’ commitment to retain a 51% stake. Fairfax bid 81 rupees per share, compared with an average fair value of 75.99 rupees.