Merrill eyes Indian financial firm

Merrill Lynch & Co. Inc. is in the late stages of negotiations to acquire a controlling stake in equity brokerage and financial services company India Infoline Ltd., according to the Economic Times.
Merrill currently holds a 14.1% stake in the Mumbai-based company.
While the terms of the deal are unknown, once an entity owns more than 15%, it will have to make an open offer to the brokerage firm’s shareholders to pick up an additional 20%, according to the report.
The company’s founders currently own a 36% stake in the company which is valued at $13.59 (600 rupees) at current market prices.
The deal would mark Merrill’s entrance into India’s retail brokerage business.