By Gavin Lower
MELBOURNE--Gloucester Coal Ltd. (GCL.AU) said Wednesday an Australian court had approved its proposed merger with Yancoal Australia Ltd., a unit of Hong Kong-listed Yanzhou Coal Mining Co. (1171.HK).
Gloucester said in a statement the Supreme Court of Victoria state had made orders approving the merger.
It said it expected Gloucester shares would be suspended from trading on the Australian Securities Exchange on June 27.
Under the terms of the merger, Yanzhou will own 78% of the new Australian coal company. Gloucester's shareholders will receive about 639 million Australian dollars (US$637.4 million) and a 22% stake in the merged company.
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(END) Dow Jones Newswires
June 13, 2012 04:33 ET (08:33 GMT)
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