 "JSW Steel eyes $5 bln bid for Australia's New Hope")
Sydney: India’s No.3 steelmaker JSW Steel Ltd is considering a bid for Australian coal miner New Hope Corp according to media reports, in a deal which is likely to be worth more than $5 billion.
Queensland-based thermal coal producer New Hope put itself up for auction earlier this month after receiving several bid approaches but did not name any interested parties.
[caption id=“attachment_116293” align=“alignleft” width=“380” caption=“Queensland-based thermal coal producer New Hope put itself up for auction earlier this month.Reuters”]  [/caption]
Bloomberg reported that JSW was studying the assets and would look at ways to raise money to fund the deal either on its own or through a venture, citing two unidentified people.
New Hope - which has a market capitalisation of A$4.9 billion ($5.1 billion) - and JSW were not immediately available for comment.
A takeover of New Hope, which has its own port, would be the latest in a string of deals in Australia’s coal sector, reflecting demand to feed Asia’s strong growth.
US coal giant Peabody Energy and its bid partner ArcelorMittal on Monday won majority interest in another Australian firm, Macarthur Coal, with their A$4.9 billion ($5 billion) bid. ($1 = 0.959 Australian Dollars)
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