ONGC to not make an open offer post HPCL takeover
ONGC, after buying out the government's stake in HPCL, will reportedly not make an open offer to HPCL's minority shareholders, as governmentâs holding is being transferred to another state-run firm and management complexion remains the same. An official said the transaction shouldn't trigger takeover code unless valuations are absurd. The takeover will make ONGC the third-largest refiner in India.