JSW Energy, part of the Sajjan Jindal-led JSW Group, is to acquire 100% of the shares of CIC Energy, a company listed on the Toronto and Botswana stock exchanges. The deal is worth C$422 million (US$415 million) with each share priced at C$7.42.
CIC is a British Virgin Islands (BVI)-incorporated company that focuses on the acquisition, exploration, development and operation of coal properties in Botswana. It owns subsidiaries in Botswana, South Africa, Mauritius, Barbados and the Bahamas. It has three coal exploration licences in Botswana with estimated coal reserves of approximately 2.62 billion tonnes.
JSW Energy has negotiated a friendly takeover with CIC’s management and under the acquisition agreement CIC has agreed to recommend the transaction to CIC shareholders. The acquisition will be carried out by a step-down subsidiary of JSW Energy and is scheduled to be completed by 31 March 2011.
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