Gujarat NRE makes offer to acquire Oz’s Rey Resources

Gujarat NRE makes offer to acquire Oz’s Rey Resources
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First Published: Thu, Jun 04 2009. 10 57 AM IST
Updated: Thu, Jun 04 2009. 10 57 AM IST
Mumbai: Gujarat NRE Coke said on Thursday its Australian unit has made an offer to acquire Australia’s Rey Resources.
Gujarat NRE Minerals will issue one share for every five held in Rey, representing a premium of over 40% on Rey’s last trading price, the parent company said in a statement to the Bombay Stock Exchange.
Gujarat NRE Minerals has two mines in Southern Coalfields of New South Wales, it said.
Ernst & Young Transaction Advisory is acting as lead corporate adviser.
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First Published: Thu, Jun 04 2009. 10 57 AM IST