Tuesday, 25 Oct 2011
Bloomberg quoted two people familiar with the plans as saying that JSW Steel Ltd is considering a bid for New Hope Corp the Australian coal producer valued at AUD 5 billion.
According to the people with knowledge of the plan who asked not to be identified because the discussions are at an early stage the company is studying the assets and may make an offer.
One of the people said without giving details JSW will look at ways to raise money to fund the acquisition either on its own or through a venture.
Buying New Hope, based in Ipswich, Queensland state, would give JSW thermal coal mines and an export terminal. New Hope which operates the Acland coal mine in Queensland said on October 5 that selected groups will be invited to submit offers in a process that is likely to take months.
Mr Abhisar Jain an analyst at Centrum Broking Pvt in Mumbai said “The New Hope asset is very big and will help the energy unit of JSW to secure raw material. It will be a huge task for someone like JSW to raise money for such an asset.”
(Sourced from Bloomberg)
Bloomberg quoted two people familiar with the plans as saying that JSW Steel Ltd is considering a bid for New Hope Corp the Australian coal producer valued at AUD 5 billion.
According to the people with knowledge of the plan who asked not to be identified because the discussions are at an early stage the company is studying the assets and may make an offer.
One of the people said without giving details JSW will look at ways to raise money to fund the acquisition either on its own or through a venture.
Buying New Hope, based in Ipswich, Queensland state, would give JSW thermal coal mines and an export terminal. New Hope which operates the Acland coal mine in Queensland said on October 5 that selected groups will be invited to submit offers in a process that is likely to take months.
Mr Abhisar Jain an analyst at Centrum Broking Pvt in Mumbai said “The New Hope asset is very big and will help the energy unit of JSW to secure raw material. It will be a huge task for someone like JSW to raise money for such an asset.”
(Sourced from Bloomberg)
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