Tuesday, May 19, 2009

Noble Declares Gloucester Coal Offer Final, Drops Merger Objection

Hong Kong-based commodities trader Noble Group has declared its takeover offer for Gloucester Coal Ltd final and dropped a condition that Gloucester's merger with Whitehaven Coal does not proceed.

The merger plans were scrapped on Monday after Gloucester recommended a sweetened bid from Noble of $7 per share, up from $6 per share.

Noble already hold a stake of 21.67 per cent in Gloucester, so the revised offer values the 78.3 per cent interest it does not already own at about $572 million.

"Noble intends to buy shares on market up to the offer price," it said on Tuesday.

Source: The Age, Melbourne

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