Gloucester Coal merger with China's Yanzhou Coal to forge an $8bn company is expected to be approved this week Source: The Courier-Mail
GLOUCESTER Coal's independent directors are expected to give the green light this week to Chinese firm Yanzhou Coal's bid to create an $8 billion coalminer through a merger, with final details on the deal tipped to reveal a higher offer.
Gloucester's board is expected to meet this week to sign off on the positive recommendation from the independent directors, and 64.5 per cent shareholder Noble Group is expected to announce its support of the deal as early as today.
Yanzhou Coal, through its Australian subsidiary, Yancoal, launched a $2.1bn cash and scrip offer for Hunter Valley-focused Gloucester Coal on December 23, with an implied offer of $10.16 a share.
The Australian
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