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Gujurat gets takeover offer

1st February 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) - ASX-listed Gujarat NRE Coking Coal has told shareholders to hold off on taking action on a 20c-a-share takeover offer from Jindal Power & Steel.

The company was expected to deliver a target statement before February 14, which would make a formal recommendation on the offer; however, the company has warned that its largest shareholder, Gujarat NRE, did not intend to accept the offer.

Gujarat NRE held a 64% shareholding in Gujarat NRE Coking Coal.

The Australian coal miner holds two hard coking coal mines in New South Wales, with a combined reserve of 125-million tons and a resource of 651-million tons. Over the past eight years, the company had invested some $750-million to expand the production capabilities at its two operations.

Edited by Creamer Media Reporter

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