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SINGAPORE: Singapore-listed Noble Group said Australia-based Macarthur Coal has launched a A$668.5 million (US$591.3 million) takeover offer for Noble unit, Gloucester Coal.
Macarthur is offering Gloucester shareholders 0.84 Macarthur shares for every one Gloucester share. Macarthur is also offering a cash alternative, of A$8 for each Gloucester share.
If Noble accepts the offer, it will also give up part of its stake in two mines to Macarthur - Donaldson and Middlemount. In return, it will receive a 24 per cent stake in Macarthur.
Noble CEO Richard Elman said the transactions would provide the firm with exposure to what will be the largest independent coal producer in Australia, a critical supplier to the Asian growth markets.
William Randall, Head of Noble's Energy Coal and Carbon Division, added that the transactions would provide Noble with an opportunity to consolidate its coal interests in Australia and continue to promote growth of independent coal suppliers in the region while extracting value from the strategic benefits of combining these operations.
He said Macarthur has an attractive pipeline of projects which Noble looks forward to being a part of. - 938LIVE/vm
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