Corporates

  Coal hopeful, Rocklands Richfield said yesterday & #160;that a higher & #160;offer from Jindal Steel & #38; Power & #160;of India isn't superior to a & #36;154 million & #160;bid from China's Meijin Energy Group.Rocklands had invited & #160;Jindal & #160;to revise its proposal of 50 Australian cents for each share. Meijin last week offered 52 cents a share.Jindal's offer values Rocklands around & #36;A194 million.But Rocklands says not good enough. & quot;The RCI Board has carefully considered the Revised Jindal Proposal, and its current view is that the Meijin Proposal remains a superior proposal, principally due to the higher offer price proposed in the Meijin Proposal, & quot; Rocklands said.Jindal, which owns about 14.2% of Rocklands, increased its bid from 42 cents.Rocklands controls three metallurgical coal projects in Queensland state and a & #160;processing plant & #160;at Huaibei in eastern China that produces coal used by steelmakers.Another Indian group, & #160;Essar Group, & #160;(telecom, energy, steel and real-estate businesses) last month dropped a bid for Rocklands.Rocklands shares finished up 1.5 cents, or 3.8%, at 41 cents.It seems the market is not convinced either bid will get up at this stage.The coal soap opera's latest installment should be known today.  

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