Essar Energy New rules threaten takeover - financial press - Last week the Financial Conduct Authority (FCA) increased the investor approval limit to 80% from 75% where a controlling shareholder bids for a company. - The new rule threatens to upend a hostile offer by the Ruia brothers to purchase the shares for 70p/shr; minority investors (incl Standard Life) have planned to vote against it. - Note the Ruias currently own 78% of the stock; the regulator has yet to clarify if the new rules apply to the Essar takeover. If the new rules do apply the Ruias will need to secure approval from approx 15% of the minority investors.