Bowen (ASX:BWN) Shares Rocket on Bhushan (BOM:500055) Bid
The offer is unconditional and the payment of the consideration will be by way of cash. Bhushan also said it would de-list Bowen from the Australian stock exchange.
The news sent the Bowen shares 87.5 per cent higher to close at A$0.105 per share. The Indian steelmaker Bhushan Steel has become the latest player to join the companies from China, Singapore, Korea and Thailand to hunt for Australian coal assets.
Last month India's Adani Enterprises (BOM:512599) bought a coal venture from Linc Energy (ASX:LNC) for A$500 million, which was the largest investment by an Indian company in Australia.
Linc Energy Limited
Bowen Energy Limited
Bhushan Steel Ltd.
Adani Enterprises Limited