Friday, 28 Jan 2011
Reuters reported that Indian state owned consortium International Coal Videsh Limited has decided not to counter Rio Tinto's AUD 3.9 billion bid for Australian miner Riversdale Mining.
ICVL, which had earlier said it would consider a bid and had hired Citigroup to do due diligence on the firm, on Thursday said it decided against an offer.
Mr CS Verma charman of Steel Authority of India Limited and head of ICVL told reporters “We discussed in detail pricing scenario, future outlook, resources available and took a conscious decision not to bid.”
Mr PS Bhattacharya chairman of Coal India Limited told Reuters that “We did not think it was an appropriate case to bid higher than Rio's offer.”
But he added that the consortium is scouting for coal assets in other countries and said “You should see some action in the next couple of months.”
(Sourced from Reuters)
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