YANZHOU Coal and Gloucester Coal are pushing ahead with plans to merge Australian mining assets to build the largest independently listed coal producer in the country, although on revised terms that will see the Chinese company take a slightly higher stake in the new company and inject less debt.
The boards of the two companies separately said they had approved a deal to merge Yanzhou's Yancoal Australia arm with Gloucester to create a company that will be 78 per cent owned by Yanzhou, one percentage point more than envisaged when the merger was proposed in December.
If the deal goes ahead, Gloucester's shareholders will receive about $639 million and 22 per cent stake in the new company, rather than the $700m previously planned.
The Australian
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