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When The McGraw-Hill Cos. decided to take a big step into India last year, it soon discovered that things weren’t going to be straightforward. The plan itself was simple enough. McGraw-Hill already owned a stake of just under 10% in CRISIL, India’s biggest credit ratings agency. To win majority ownership, it launched a tender offer, inviting existing shareholders to sell at a premium to the current share price. If enough of them accepted, McGraw-Hill would be able to integrate CRISIL with its own ratings business–Standard & Poor’s–and become the biggest player in the rapidly growing Indian market almost overnight. While simple, executing this plan required some fancy footwork from McGraw-Hill’s treasury and finance team: “It’s very, very complicated to get money into and out of the country,” says John Weisenseel, a senior vice president and the New York-based treasurer for the textbook, publishing and financial information giant.

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