New Hope's coal mine on the Darling Downs of Queensland. Picture: Jack Tran Source: Herald Sun
COAL miner New Hope has abandoned plans to sell up after failing to find a buyer with a suitable offer.
New Hope, which had been pressured by some of its shareholders to put itself up for auction, revealed yesterday that it was ending the formal sales process.The group's shares tumbled almost 5 per cent after it announced the decision, which follows months of negotiations.
New Hope has a market value of about $4.5 billion.
When it announced in October that it was in talks with several suitors, analysts predicted the company could fetch up to $6 billion
Investor Washington H. Soul Pattinson controls the Queensland-based company.
Some analysts suspected the New Hope sale process might fail because it and Washington Soul had high expectations of the group's value, fuelled by successful resource investment plays in recent years.
Read More
Herald Sun
No comments:
Post a Comment