Gujarat NRE Minerals Ltd (GN M), Australian subsidiary of Gujarat NRE Coke, has received noobjection from the Australian Government for making an off-market takeover of Rey Resources Ltd, according to a company communiqu‚.
Gujarat NRE group has the single largest participatory stake of 17 per cent in Rey, and now plans to acquire 100 per cent through the takeover bid. According to GNM’s bid, the shareholders of Rey Resources will receive one GNM share for every five Rey shares or 9 cents (Australian dollar) for each REY share held by them.
GNM owns two coking coal mines in Australia, and is expanding its production capacity. Rey has exploratory thermal coal assets and coal-bed methane assets in Australia and exploratory base metal assets in South America.
Source: The Hindu Businessline