Bowen Energy Limited (ASX:BWN), an Australian coal and uranium exploration company, said today that India's Bhushan Steel (BOM:500055) has made an on-market takeover bid at a price of A$0.10 per share for all of the fully paid ordinary shares in the company.
Bhushan Steel Ltd.
US stocks closed mixed overnight as the market wobbled after the US Federal Reserve decided to maintain its interest rates at record low to support the subdued recovery. The central bank's upbeat outlook of the economy has led to speculation about a faster interest rate rise.
Asian shares are set to gain on Monday after a rally on Wall Street last Friday. Japan's Nikkei average is also expected to be buoyed by exporters on a weaker yen. Asian shares rallied across the region Friday with shipping stocks leading for another day and miners rising on hopes that demand for commodities might be picking up. The Shanghai Composite Index rallied 4%, delivering its best performance of the week while China-related shares also lifted the market in Hong Kong.