INDIA’S Zee Entertainment Enterprises and Sony’s unit in the country have agreed to withdraw all claims against each other related to their failed US$10 billion merger, Zee said on Tuesday (Aug 27).
The two companies scrapped the merger in January, in part because Zee failed to meet some financial terms of the deal, Reuters had reported.
Zee applied with the India company tribunal to force the deal through but withdrew that in April to “aggressively pursue” all its claims against Sony in arbitration proceedings at the Singapore International Arbitration Center (SIAC).
The two companies will now withdraw all claims made at the SIAC and at India’s national company tribunal, Zee said in a statement.
The company said that neither party will have any continuing obligations or liabilities to one another as part of the non-cash settlement.
Zee’s shares surged 13 per cent on the news. REUTERS
