Krone Comm

The Sebi has exempted GenTek Inc of USA from making an open offer to shareholders of Krone Communications Ltd provided shareholders of the company ratify the change in control through an appropriate resolution. GenTek had acquired a significant shareholding in Krone AG which in turn owned 51 per cent in Krone Communications, when it bought out Jenoptic AG's stake in krone AG. Sebi has noted that the acquisition of the company is an unintended one owing to global restructuring and does not alter the stake of the acquirer company in Krone AG.