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Wipro scotches CapGemini buyout rumours

Wipro came out very strongly against the news doing the rounds that it was looking at acquiring European IT services giants CapGemini.

TNN|
Jan 19, 2008, 12.00 AM IST
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BANGALORE: Wipro came out very strongly against the news doing the rounds that it was looking at acquiring European IT services giants CapGemini. At the announcement of third quarter results here on Friday, Wipro chairman Azim Premji said, “You have seen the whole ‘nonsense’ about Capgemini which went on and on and finally we had to issue a statement, which we never do.”

There was enough news emanating in the recent past about both Wipro and Infosys looking at the possibility of acquiring the European major. There were even talks about the possibility of Wipro looking at acquiring a part of Capgemini, which is more strategic to them.

On its part, Wipro in a notice to the stock exchanges recently said, “Wipro, on behalf of all Companies in the Wipro group, including Wipro Technologies, its global IT services Division, at the request of French Securities Regulatory Autority Autorite des marches financiers (AMF) confirm that they have not recently been, and are not in discussions with and / or in relation to Cap Gemini, the French Euronext listed group, on merger / takeover of Cap Gemini.” Analysts were highly sceptical of either Wipro or Infosys acquiring Capgemini as there would be no financial or growth synergies.
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