Free Newsletters - Space News - Defense Alert - Environment Report - Energy Monitor
. Earth Science News .




TRADE WARS
Australian shareholders OK Gloucester-Yancoal deal
by Staff Writers
Sydney (AFP) June 4, 2012


Shareholders on Monday voted in favour of Gloucester Coal's tie-up with China's Yancoal, paving the way for what is expected to be Australia's largest listed coal firm.

The approval comes after the Australian government's foreign investments watchdog gave the go=ahead to the deal in March and after the merger met Hong Kong Stock Exchange regulations. It still requires Chinese regulatory approval.

"Gloucester shareholders have voted overwhelmingly in favour of the scheme of arrangement for the proposed merger of Gloucester and Yancoal Australia Limited," the company said in a statement.

The deal approved by 99.98 percent of votes cast will see the creation of a newly-merged coal titan, with resources of some 3.4 billion tonnes and valued by local media at $8-$9 billion.

Yancoal, the Australian subsidiary of China's Yanzhou Coal, has described the new firm as the "leading listed pure-play coal company in Australia and the ninth-largest globally based on reserves."

The merger, yet to be approved by the Victorian Supreme Court, gives energy-hungry China a greater foothold in Australia's lucrative coal market and comes amid consolidation in the sector.

If approved by the court on Friday, Gloucester's shareholders are set to receive Aus$3.15 cash and a share in the new entity for each of their shares.

Yanzhou, Yancoal's parent company, will initially hold 78 percent of the new firm, Singapore's commodities giant Noble 13 percent and Gloucester's remaining shareholders nine percent.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
U.K., Spain work on S. America investments
London (UPI) May 30, 2012
Britain and Spain vowed to work together to protect business assets and investments under threat of nationalization and unilateral seizure by governments in Latin America. The two governments announced their agreement after Spanish Foreign Minister Jose Manuel Garcia-Margallo met with British Foreign Secretary William Hague in London. The ambitious plan was seen by analysts as a ... read more


TRADE WARS
Lithuania launches regional nuclear safety watchdog

Italy's quake-struck north tries to reassure tourists

Ferrari auction to raise money for Italy quake

Sandia Labs technology used in Fukushima cleanup

TRADE WARS
Microsoft links Xbox with smartphones, tablets

E3 to showcase big videogame titles, hot trends

Windows 8 to dominate Taiwan computer show

Commonly used painkillers may protect against skin cancer

TRADE WARS
Great Barrier Reef heading for danger: UNESCO

Syrian refugees draining water-poor Jordan dry

Marine reserves provide baby bonus to fisheries

US backs EU plan to barter fishing rights

TRADE WARS
Peru needs glacier loss monitoring: dire UN warning

Greenland's current loss of ice mass

Old aerial photos supply new knowledge on glaciers in Greenland

Discovery Of Historical Photos Sheds Light On Greenland Ice Loss

TRADE WARS
France to ban Swiss pesticide as bee threat

Brazil farmers in legal feud with Monsanto over GM soy

Livestock industry beefs up Illinois economy

Time is ticking for some crop's wild relatives

TRADE WARS
Japan city watches 'premonitory' signs for tsunami

Three dead, six missing as typhoon passes Philippines

US officials urge hurricane preparation

Autopsy of an eruption: Linking crystal growth to volcano seismicity

TRADE WARS
Somali soldiers train for urban combat in rural Uganda

Sierra Leone's gruesome civil war

Mali deserters in Niger face uncertain future

Gambia detains G.Bissau ex-army chief, ousted minister

TRADE WARS
Handful of genetic changes led to huge changes to human brain

Family values

Suspicion resides in two regions of the brain

Personality genes may help account for longevity




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement