News

HopgoodGanim advises Jindal on Rocklands Richfield takeover bid

21 April 2011

HopgoodGanim has advised Jindal Steel and Power (Australia) on its on-market takeover offer for Rocklands Richfield (ASX: RCI).

According to corporate advisory partner Michael Hansel, who is leading the team from HopgoodGanim advising on the offer, Jindal sees Rocklands' coal exploration activities in Australia as a key addition to its portfolio.

"Jindal has the backing and ability to bring Rocklands' assets to development and production. These assets are potentially an important feedstock for Jindal's international steel manufacturing activities."

Jindal is offering $0.25 per share to Rocklands investors, representing a control premium of almost 43 percent to the closing price on 18 April 2011 of $0.175 per Rocklands share. The unconditional cash offer will be open from 5 May 2011 to 6 June 2011.

Jindal currently holds 14.46 percent of Rocklands' 352,203,917 shares.

The parent company of Jindal Steel and Power (Australia), Jindal Steel & Power Limited, is the third largest steel producer in India. It is listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in India.

Contact:
Esther Cohen, Senior Communications Advisor
Tel: 07 3024 0192