14 jun: Europæiske aktier: Investorerne i venteposition
15 jun: Europæiske aktier: Investorer går på hold
15-06-2012 04:20:00

UPDATE: Coalworks Recommends Revised Whitehaven Coal Bid

Relateret indhold

--Coalworks board recommends revised bid from Whitehaven Coal

--Distribution of holding in Orpheus Energy lifts bid value to A$1.025/share

--Macquarie withdraws call to replace chairman and chief executive

(Recasts 1st paragraph, adds further comment from Coalworks from 3rd, and background throughout.)

By Robb M. Stewart

MELBOURNE--Whitehaven Coal Ltd. (WHC.AU) won support for its 142 million Australian dollar (US$142 million) bolt-on acquisition of smaller Coalworks Ltd. (CWK.AU), even as Australia's largest coal-only producer prepares for a possible bid from coal magnate Nathan Tinkler.

Coalworks in a statement Friday said its board now recommends the offer after Whitehaven removed earlier conditions and agreed to allow Coalworks to distribute to its shareholders shares from its 33.4% stake in Orpheus Energy Ltd. (OEG.AU). That effectively raises the A$1 a share cash bid by about 2.5 cents, or roughly A$146 million.

The company said the higher offer represents "sufficient value and certainty for Coalworks shareholders." The chairman, chief executive, senior management and several shareholders together owning a 15% interest in Coalworks have agreed to the bid, it said.

A takeover of Coalworks would allow Whitehaven to consolidate control of several coal projects in eastern Australia, and follows the A$2.3 billion acquisition of Mr. Tinkler's Aston Resources Ltd. plus his unlisted Boardwalk Resources. That deal left Whitehaven with a 17.3% stake in Coalworks, which with Boardwalk is developing coking and thermal coal project in New South Wales state.

Mr. Tinkler, whose Tinkler Group is Whitehaven's largest shareholder with about a 21% stake, surprised investors this week with a proposal to take Whitehaven private. Whitehaven rejected the bid as incomplete and highly conditional, but has set up an independent committee to respond should Mr. Tinkler and his backers return with a fresh offer.

Interest in coal producers and explorers that can supply Asia's energy and steelmaking needs has remained strong despite slumping prices for the commodity this year. China's Yanzhou Coal Mining Co. (YZC) is close to finalizing the acquisition of Gloucester Coal Ltd. (GCL.AU), while U.S. producer Peabody Energy Corp. (BTU) last year bought Australia's Macarthur Coal Ltd. for A$4.9 billion.

Coalworks Chairman Wayne Mitchell and Chief Executive Andrew Firek have been under pressure from investor Macquarie Bank, which had called a meeting of shareholders to oust the pair and replace them with its own nominees. Macquarie has, following the acceptance of Whitehaven's revised bid, withdrawn its proposal, which was due to be voted on Friday, Coalworks said.

Macquarie had said it was concerned with Coalworks' recent share placement that left Asian commodities trader Noble Group Ltd. (N21.SG) as a minority shareholder with a 9% stake and a strategic adviser to the coal explorer.

Whitehaven has plans to boost production to about 25 million metric tons a year by 2016 from 4.7 million in the last financial year. The acquisition will give it control of the Ferndale project being developed with Boardwalk, plus hand it the Vickery South project that is next to its own Vickery coal development in New South Wales, as well as the Oaklands project in the south of the state.

Its offer for Coalworks is due to close June 26.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

June 14, 2012 22:20 ET (02:20 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Vind: GE leverer 100 MW til kenyansk møllepark

27-07-2015 12:20:03
Det amerikanske industriselskab General Electric, der inden for salg af vindmøller er konkurrent til danske Vestas, skal levere møller med en samlet kapacitet p..

Siemens får tre vindmølleordrer på sammenlagt 162 MW

27-07-2015 11:21:45
Siemens Wind Power har sikret sig kontrakter til tre vindmølleprojekter i Skotland og Irland. Der er tale om bestillinger af 52 møller med en kapacitet på samme..

Mærsk: Ratepres på de store ruter fortsætter

27-07-2015 08:03:31
Det konstante ratepres på containerrederierne fortsatte sidste uge. På alle de store ruter faldt spotraterne ifølge tal fra SCFI-indekset.På den tunge handelsru..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Korr: Aktier/tendens: Internationale kursfald ventes at ramme
2
Kina/Nordea: Investorer panikker og bryder loven
3
Kinesiske aktier sendes ind i nyt styrtdyk - NY
4
Mandagens aktier: Kinesisk aktieuro gav massiv C20-nedtur
5
Aktier/middag: Genmab og FLSmidth får størst hug i rødt marked

Relaterede aktiekurser

Peabody Energy Corp 1,06 -14,5% Fald i aktiekurs
Whitehaven FPO 1,24 0,0% Aktiekurs uændret
Yanzhou Coal Mining Co.,.. 5,45 -9,6% Fald i aktiekurs
Orpheus FPO 0,01 0,0% Aktiekurs uændret
Noble Grp 0,57 17,5% Stigning i aktiekurs

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2015  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
28. juli 2015 05:30:01
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20150716.1 - EUROWEB4 - 2015-07-28 05:30:01 - 2015-07-28 05:30:01 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x