Australian coking coal producer Caledon Resources Plc confirmed on Friday that it received approaches from India's Essar Minerals Ltd and other parties which may lead to a possible cash offer.
India's Telegraph newspaper on Wednesday reported that the country's energy-to-steel conglomerate, Essar Group, was in advanced talks to buy Caledon for up to $1 billion.
Caledon, which makes coking coal used in steelmaking, did not disclose further details, such as a possible offer price, on Friday.
Shares in Caledon closed at 59 pence in London on Thursday, valuing it at about 114 million pounds ($194 million).
The coal producer was said to be in advanced takeover talks with two possible buyers from China and India, a person familiar with the matter said on July 10.
Source: Reuters
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