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Bhushan Steel Wants Bowen Energy

The New Delhi based company Bhushan Steel has shown interest in making an on market takeover bid for Bowen Energy Ltd (ASX:BWN), an Australian coal and minerals exploration company, focused on the exploration and development of coal and mineral resource projects in Australia and the Asia-Pacific region.

The subsidiary of the company Bhushan Steel (Australia) is planning to offer 10 cents per share for Bowen Energy making it a $8.16 million deal.

Bhushan Steel is India's biggest auto grade steel manufacturer. It has been investing in Bowen Energy since 2007 and has acquired 59.64 % stake in the Australian company. The shares in Bowen Energy jumped up 87.5 % to 10.5 cents indicating that the market expected a larger bid to be made despite low share trading volume.

Bhushan Steel said in its bidder's statement that the offer price is well above the preferred value of the shares determined by Deloitte Corporate Finance Pty Ltd, the independent experts engaged by the company in October 2009.

In the statement on Wednesday the company also said that the offer price represented a generous premium having regard not only for the company's share price and preffered value but also to the fact that Bhushan already owned 59.64 % of the company.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


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