HONG KONG -(Dow Jones)- Hong Kong-listed Yanzhou Coal Mining Co. (1171.HK) said Friday it has received regulatory approval from the Hong Kong bourse to spin off its Australian unit, Yancoal Australia Ltd.
The company plans to list its unit on Australia bourse, and "the Hong Kong Stock Exchange has confirmed that the company may proceed with the proposed spin-off," the Hong Kong-listed company said in a statement.
The planned listing follows the completion of the merger of the company's unit Yancoal Australia Ltd. with Australia's Gloucester Coal Ltd. (GCL.AU).
After the spin-off, Yanzhou Coal Mining will hold 78% of the merged entity, and shareholders of Gloucester Coal will hold the remaining 22%.
The merger, which was announced in December, received approval from Australian regulators in March. The merger and spin-off will create Australia's largest independently listed coal producer with a market value of up to A$8 billion (US$7.9 billion).
-By Fiona Law, Dow Jones Newswires; 852-2802-7002; firstname.lastname@example.org
(END) Dow Jones Newswires
May 11, 2012 06:39 ET (10:39 GMT)
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