Australia's Gloucester Coal said Friday it had agreed to a merger with China's Yanzhou in a deal valued at some Aus$2.2 billion (US$2.3 billion) to create a major listed Australian coal firm. ghd precio The announcement followed a statement late Thursday from Yanzhou Coal Mining, China's third-largest listed coal miner by output, saying the tie-up reflected the company's ambition to grow its Australian business. ghd plancha "Gloucester Coal has entered into a merger proposal deed with Yanzhou Coal Mining Company Limited and its wholly owned Australian subsidiary, Yancoal Australia Limited, following an approach from Yanzhou," Gloucester Coal said.
ghd precio Under the proposal, Gloucester's assets, including coal mines in Queensland and New South Wales, will be combined with Yancoal's Australian assets, which also include coal mines and an interest in a coal export terminal. ghd precio Any deal, which comes amid consolidation in Australia's mid-tier coal sector, plancha del pelo ghd will require approval by shareholders, Australia's Foreign Investment Review board (FIRB) and is subject to due diligence by both parties. ghd precio State-owned Yanzhou had approached Gloucester, which has a market capitalisation of some Aus$1.44 billion (US$1.46 billion), after taking over Australian coal miner Felix Resources in 2009 in a deal worth US$3.2 billion.
ghd precio Yanzhou had also reportedly been interested in Whitehaven Coal before that company announced a merger with fellow Australian miner, Aston Resources, to form an independent coal company worth Aus$5.10 billion. ghd precio Under the Gloucester deal, Yanzhou proposes owning 77 percent of the merged company, ghd precio with the remaining 23 percent held by Gloucester shareholders. ghd precio Gloucester shareholders will receive Aus$700 million in cash in a special dividend equal to about Aus$3.20 for each share, meaning the total deal is valued at about Aus$2.2 billion, Dow Jones Newswires said. ghd precio Under the proposal, the board of the merged company will comprise six Yanzhou nominees and five independent directors agreed by Gloucester and Yanzhou, with the chairman to be one of the Yanzhou nominees.
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ghd precio Under the proposal, Gloucester's assets, including coal mines in Queensland and New South Wales, will be combined with Yancoal's Australian assets, which also include coal mines and an interest in a coal export terminal. ghd precio Any deal, which comes amid consolidation in Australia's mid-tier coal sector, plancha del pelo ghd will require approval by shareholders, Australia's Foreign Investment Review board (FIRB) and is subject to due diligence by both parties. ghd precio State-owned Yanzhou had approached Gloucester, which has a market capitalisation of some Aus$1.44 billion (US$1.46 billion), after taking over Australian coal miner Felix Resources in 2009 in a deal worth US$3.2 billion.
ghd precio Yanzhou had also reportedly been interested in Whitehaven Coal before that company announced a merger with fellow Australian miner, Aston Resources, to form an independent coal company worth Aus$5.10 billion. ghd precio Under the Gloucester deal, Yanzhou proposes owning 77 percent of the merged company, ghd precio with the remaining 23 percent held by Gloucester shareholders. ghd precio Gloucester shareholders will receive Aus$700 million in cash in a special dividend equal to about Aus$3.20 for each share, meaning the total deal is valued at about Aus$2.2 billion, Dow Jones Newswires said. ghd precio Under the proposal, the board of the merged company will comprise six Yanzhou nominees and five independent directors agreed by Gloucester and Yanzhou, with the chairman to be one of the Yanzhou nominees.
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