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SINGAPORE: Mainboard-listed commodities firm Noble said it has cleared a regulatory hurdle in a planned sale of its unit to Australia's Macarthur Coal.
Noble said it has been informed by the Australian Foreign Investment Review Board that the regulator has no objections to Noble being issued Macarthur's shares as part of the deal.
Noble holds an 87.7 per cent stake in Gloucester Coal. As part of Macarthur's planned takeover of Gloucester, Macarthur is issuing Noble with its shares.
The deal is still subject to Noble's shareholders' approval.
- CNA/sc
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