Trader Also Does Not Agree With Peabody Offer
Singapore commodity trader Noble Group said on Monday that its shareholders have rejected a resolution proposing the sale of the firm's stake in Gloucester Coal to Macarthur Coal. The company said the proposed conditions give different options to large and small shareholders.
The resolution, rejected by shareholders voting at a meeting in Hong Kong, would have given the firm a 24 per cent stake in Australia's Macarthur, the subject of rival bids as firms compete for its cleaner coal.
Noble also said in a statement it did not agree with US coal company Peabody Energy's proposed $16 per share takeover of Macarthur.
"Having come up the hard way, and in the not too distant past being pretty small ourselves, we are very opposed to the spirit of the Peabody transaction," the company said in a statement.
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