bhushan offer to fund increased cash component

RCI'ers you'll like the sound of this.
Thank littletia for the article

http://www.theaustralian.news.com.au/story/0,25197,22414525-643,00.html

Bhushan Steel offers Bowen cash

Kevin Andrusiak | September 14, 2007

BHUSHAN Steel vice-chairman Anil Ahuja has personally appealed to Bowen Energy to lift the cash component of its $16.4 million bid for Rocklands Richfield.

In a global wrestle between Chinese and Indian interests for control of undeveloped coking coal deposits in Queensland's Bowen Basin, Bhushan said it was prepared to fund any increased cash component by Bowen in its hostile bid for Rocklands. The coal producer has an underground coal resource of 384 million tonnes at its Hillalong and Rocklands tenements in one of the biggest undeveloped coking coal assets in Queensland.

Bowen's hostile bid for Rocklands is pitched at 10c cash and one Bowen share for every two Rocklands shares, a deal rejected by the Rocklands board.

Rocklands prefers a reverse takeover by China Coke & Chemicals (CC&C) and has strategically aligned itself with China's Huaibei Mining.

Bhushan, which has a market capitalisation of $1.2 billion on the National Stock Exchange of India, has built a 10 per cent stake in Bowen Energy.

Mr Ahuja appealed to Rocklands shareholders to back Bowen Energy, and especially Bhushan's vision to become a mining company of note in Australia as it looks for raw resources to feed its growing steel business in India.

Bowen's offer is due to expire on September 27. Rocklands shares rose 1c to 20.5c yesterday, while Bowen Energy shed 0.5c to 25.5c.