Noble Group Ltd., a Hong Kong- based commodity supplier, won control of Australia’s Gloucester Coal Ltd. after last week raising its cash bid to A$460 million (US$358 million) for the shares it doesn’t own.
Noble owns 46.7 million shares, or 57.2 percent of Gloucester, according to a notice sent today to the Australian stock exchange. Noble raised its offer to A$7 a share from A$6 last week to win the endorsement of Gloucester directors.
Gloucester has said it will scrap a proposed agreed merger with Whitehaven Coal Ltd. if the Noble proposal is successful.
Source: Bloomberg
No comments:
Post a Comment