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News Roundup: JSW Steel Eyes $5.2B Bid For Australian Coal Producer

25 October, 2011

JSW Steel Eyes $5.2B Bid For Australian Coal Producer – JSW Steel, India’s third-largest steel producer, is considering a bid for New Hope, the Australian coal producer valued at A$5 billion ($5.2 billion). The company is studying the assets and may make an offer. JSW will look at ways to raise money to fund the acquisition either on its own or through a venture. (Economic Times)

DB Realty Stock Up 20% On Stake Sale Buzz – The DB Realty stock zoomed 20 per cent on Monday on the Bombay Stock Exchange and was locked in the upper circuit at Rs 67.25 on speculation over a stake sale by the promoters. Operators and punters, looking for a quick exit from the embattled Dynamix Balwa group company, were ramping up the stock as the market was abuzz with rumours that the promoters were selling stake to IL&FS and Mukesh Ambani’s Reliance Group. (Business Standard)

Three Embattled MFIs Call Off Merger Plans – Three microfinance firms which had proposed a merger at the time of their debt recast talks with banks in August have now called off the plans, saying it is not feasible. Spandana Sphoorty Financial, Share Microfin and Asmitha Microfin had told banks that they will merge to create the Asia’s largest microlender. The merger will cut costs, improve operations and help them return to financial health, the firms had said in their proposal.  (Economic Times)

Lilliput’s Narula Moves To CLB To Restrain TPG, Bain – Lilliput Kidswear promoter Sanjeev Narula on Monday moved the Company Law Board seeking to restrain PE investors Bain Capital and TPG from obstructing the company’s operations, a development that further intensifies the hostilities between the shareholders. Delhi-based Lilliput, which sells children’s clothing, also sought CLB approval for a proposed initial public offering, which was blocked by the PEs.  (Economic Times)

Peabody, ArcelorMittal Get Majority In MacArthur – US coal giant Peabody Energy and its bid partner ArcelorMittal said they have obtained majority interest in Australia’s Macarthur Coal, two days after China’s Citic Resources backed their A$4.9 billion ($5 billion) bid. The companies said they had a relevant interest in about 59.85 per cent of the Macarthur shares, more than the minimum acceptance condition of 50.01 per cent. (Business Line)

Tide Acquires Veedol – Tide Water Oil (India) Ltd has acquired 100 per cent shares of Veedol International Ltd (VIL), registered in the UK and a wholly owned subsidiary of BP Plc, on October 19. The company’s shares were trading up 3.81 per cent at Rs 6,818.05 on the BSE at 1.02 p.m. (Business Line)


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News Roundup: JSW Steel Eyes $5.2B Bid For Australian Coal Producer

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