June 20, 2012.Jindal Steel & Power is likely to exit from a three-year long takeover tussle for listed Australian coal explorer Rocklands Richfield, following an aggressive bid by China's Linyi Mining Group which has swung the support of Rocklands senior management to the Chinese offer. Linyi Mining's offer to buy all of Rocklands Richfield's shares at A$0.52 a share, is at a 73 per cent premium to Jindal Steel's publicly stated maximum price of A$0.30 for the coal mining company, which is estimated to have about 800 million tonnes of coal reserves in the Bowen Basin in Queensland. The Chinese company has already entered into a pre-bid share agreement to buy about 20 per cent equity from Rocklands chairman and majority shareholder Wu Pun Yan.