Jindal Steel and Power Ltd has once again failed to acquire Australian coking coal miner Rocklands Richfield, despite a revised offer price and extended deadlines. It managed to buy 12.56% stake, raising its holdings to 27.29%.
Mr Sushil Maroo finance director of JSPL said that “Our aim was to get over 50% stake in the company and clearly that hasn’t happened.”
Mr Maroo was non committal about JSPL’s Rocklands acquisition plans.
He said that “It’s not necessary that every effort gets translated into an acquisition. We are not keen on paying more to acquire the company at this stage and hence, are not pursuing it any further.”
In 2009 when JSPL tried to acquire Rocklands for the first time, it was locked in a three way battle with Essar Steel of India and Meijin Steel of China. Jindal was then ready to pay USD 0.56 per share. Essar bowed out early and Jindal managed to nudge the Chinese company, but the talks with Rocklands fell abruptly and no explanation was given.
Mr Sushil Maroo finance director of JSPL said that “Our aim was to get over 50% stake in the company and clearly that hasn’t happened.”
Mr Maroo was non committal about JSPL’s Rocklands acquisition plans.
He said that “It’s not necessary that every effort gets translated into an acquisition. We are not keen on paying more to acquire the company at this stage and hence, are not pursuing it any further.”
In 2009 when JSPL tried to acquire Rocklands for the first time, it was locked in a three way battle with Essar Steel of India and Meijin Steel of China. Jindal was then ready to pay USD 0.56 per share. Essar bowed out early and Jindal managed to nudge the Chinese company, but the talks with Rocklands fell abruptly and no explanation was given.
(sourced from BS)
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