BL reported that efforts to finalize AUD 2 billion plus bid by India's GVK Power & Infrastructure for two Australian coal mines owned by Hancock Prospecting have been delayed due to differences over valuation.

Sources familiar with the situation said that GVK had been due to announce the long-awaited deal this week but Hancock's owner, Gina Rinehart, had sought last-minute changes to the agreement.

According to other sources, GVK's negotiations to buy the Alpha Coal and Kevin's Corner mines began in February. Deadlines for exclusive talks between the two sides have been extended repeatedly throughout the year.

One of the sources said that “Finalizing the deal had been delayed mainly due to some valuation issues.

A second source said there was no indication how long it would take to resolve the latest differences or whether they might lead to the deal's collapse.

(Sourced from ET)