Bowen (ASX:BWN) Shares Rocket on Bhushan (BOM:500055) Bid

Sydney, Sep 22, 2010 AEST (ABN Newswire) - Bowen Energy Limited (ASX:BWN), an Australian coal and uranium exploration company, said today that India's Bhushan Steel (BOM:500055) has made an on-market takeover bid at a price of A$0.10 per share for all of the fully paid ordinary shares in the company.

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.

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