Gloucester Coal board backs $2.1bn Yanzhou takeover bid

Dec 23, 2011 | 06:27 AM |

The board of Australian coking coal producer Gloucester Coal has approved a $2.2 billion merger proposal from Chinese coal miner Yanzhou Coal, Gloucester Coal said in a filing to the Australian Stock Exchange (ASX) on Friday December 23.

Gloucester Coal said its assets would be combined with Yanzhou’s Australian subsidiary, Yancoal, in a deal that will see Gloucester shareholders retain a 23% stake in the newly merged company. ....

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