Coal India says not looking to acquire Massey | business | Hindustan Times
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Coal India says not looking to acquire Massey

State-run Coal India is doing due diligence for a stake in a mine that belongs to US-based Massey Energy, but has no plan to acquire the company itself, the Indian firm's chairman said today.

business Updated: Nov 24, 2010 11:06 IST

State-run Coal India is doing due diligence for a stake in a mine that belongs to US-based Massey Energy, but has no plan to acquire the company itself, the Indian firm's chairman said on Wednesday.

Media reports earlier said that Coal India, which recently raised $3.4 billion in the country's largest initial public offering, was mulling acquisition of Massey in its entirety and was looking to make a takeover bid.

"There is no such proposal," Coal India Chairman Partha Bhattacharyya said, when asked if his company was looking to acquire Massey.

"Neither they have offered us nor we have considered," he said.

Massey said this week it had hired boutique advisory firm Perella Weinberg to help it conduct a strategic review of alternatives to enhance shareholder value. Chief Executive Don Blankenship had said last month that the company's board was looking at strategic options.

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