Commodity trader Noble Group will vote all its shares in Australia’s Gloucester Coal in favour of a merger with Yancoal Australia and will get A$412 million ($555 million) under the deal terms.
On completion of the merger, Yancoal is expected to be the largest independent listed Australian coal miner, Noble, which owns nearly two-thirds of Gloucester, said today.
China’s Yanzhou Coal Mining Company, Yancoal’s majority owner, has a clearly stated aim of growing its Australian mining business.
Yanzhou bought Australian miner Felix Resources in 2009 for A$3.3 billion and was required to float at least 30% of the business by 2012.
Noble Group will own 13.2% of Yancoal, and William Randall, Noble director and Head of Hard Commodities, will join the Yancoal board of directors.
No comments:
Post a Comment