Gujarat NRE Coking Coal (GNCCL), the Australian subsidiary of India-based Gujarat NRE, has announced that India-based Jindal Steel & Power Limited (JSPL) has increased its shareholding in the company to 29 percent as of March 22. JSPL also stated that its takeover offer will close on Thursday, March 28.
As SteelOrbis previously reported, JSPL is offering to pay A$0.20 per each share that it does not already own in Gujarat. However, GNCCL had recommended its shareholders reject JSPL's offer, stating that JSPL's offer undervalued the shares and did not adequately reflect the company's future prospects.
Meanwhile, Jindal has signed a partnership agreement with Australia-based Apollo Minerals for a major investment in Apollo's iron ore projects. This agreement is expected to help Apollo's strategy to secure assets that have the potential to produce exceptionally high quality iron ore products at costs expected to be competitive during all periods of the commodities cycle.
