australian firms in major coal merger
Last Updated : GMT 00:26:23
Arab Today, arab today
Arab Today, arab today

Australian firms in major coal merger

Arab Today, arab today

Arab Today, arab today Australian firms in major coal merger

Sydney - AFP

Australian miners Aston Resources and Whitehaven Coal announced they will merge to form the nation\'s largest listed independent coal company, worth Aus$5.10 billion (US$5.18 billion). Under the deal, valued at Aus$3 billion, Aston shareholders will receive 1.89 Whitehaven shares per Aston share, and majority owner Tinkler Group said it intended to vote in favour of the merger. Billionaire mining magnate and Aston chairman Nathan Tinkler recommended shareholders approve the deal, which has the backing of both firms\' boards, describing it as an \"important milestone\". \"The merger represents the next phase in Aston\'s growth, providing shareholders with exposure to a larger and more diversified portfolio of coal mines, projects and exploration opportunities,\" Tinkler said in a statement, released on Monday. \"I believe the merged entity will represent an extremely attractive investment of scale in the rapidly consolidating Australian listed coal sector and is positioned to deliver substantial synergy benefits to shareholders.\" Whitehaven put itself on the market in October 2010 but abandoned the sale bid in May, saying no \"sufficiently attractive\" offer had been made from interested Indian and Chinese parties including Yanzhou Coal. Whitehaven chairman John Conde described the Aston merger as a \"transformative and exciting transaction\" that would capitalise on the positive long-term prospects for Australian coal exports. \"The merged entity becomes one of Australia\'s leading independent coal producers with a high-quality portfolio of producing mines, major development projects and attractive exploration assets,\" Conde said. Whitehaven will pay a special 50 cent dividend to its shareholders immediately prior to the merger\'s implementation. The companies, which both operate in the Gunnedah Basin of northwestern New South Wales state, said their newly merged firm would be the nation\'s largest independent coal company listed on the Australian stock exchange. Separately, Whitehaven said it had also agreed to acquire unlisted coal explorer Boardwalk Resources, contingent on the Aston merger going ahead. Australia\'s coal industry is dominated by major global players BHP Billiton, Rio Tinto and Xstrata, but smaller firms are being targeted as competition for resources is stoked by rapid industrialisation in China and India. US-based Peabody Energy, the world\'s largest private coal miner, snapped up Australia\'s Macarthur Coal last month in a deal worth almost $Aus5.0 billion.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australian firms in major coal merger australian firms in major coal merger

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australian firms in major coal merger australian firms in major coal merger

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday