Business Daily from THE HINDU group of publications
Friday, Jan 05, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jan 05, 2007 ePaper |
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Markets
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Stocks Corporate - Mergers & Acquisitions Web Extras - Minerals Our Bureau
Mumbai , Jan. 4 Shares of Sesa Goa climbed by 3.6 per cent on the BSE on Thursday in the wake of reports that the world's largest steel-maker Arcelor-Mittal has bid to buy a controlling stake in the company. Shares of the company closed at Rs 1,551.55 on Thursday from Wednesday's closing price of Rs 1,497.55 on the BSE. According to the reports, Arcelor-Mittal has submitted a non-binding offer to buy the 51 per cent stake held by Mitsui of Japan in the company. Apart from Arcelor-Mittal, two Brazialian companies, Rio Tinto and CVRD, were also reported to have submitted bids. Mitsui, which bought the controlling stake in Sesa Goa about 10 years ago, has been looking to sell its holding. While institutional investors hold 29.8 per cent, the public holds 14.72 per cent in the company. When contacted, Mr P.K. Mukherjee, managing director of Sesa Goa, declined to comment on the report. He said the company had been exporting 95 per cent of its iron ore production of about 10 million tonnes annually for the last two to three years.
The company is believed to have extractable iron ore reserves of 150 million tonnes. It has mines in Goa, Karnataka and Orissa.
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