Canada-India $5.5 billion bank takeover attracts opposition from workers, politicians

Canadian firm Fairfax Financial Holdings' proposed $5.5 billion takeover of IDBI Bank is facing pushback from employees of the Indian state-owned lender and political parties in the country. On Sunday, the United Forum of IDBI Officers and Employees called for a two-day "nationwide" strike against the sale of the bank to Fairfax. The workers' union also expressed " grave concerns " about the transparency of the sale and valuation process, according to a post on X. It is demanding that the government "cancel the privatization process" and instead focus on strengthening the bank while protecting public investment and employees' interests.