British coal miner Hargreaves Services has stated that it has been in tals about a merger with UK Coal confirming press speculation it was the suitor.
"Discussions with UK Coal are at a very early stage and there is no certainty that any transaction will result," Hargreaves added.
Hargeaves is the largest independent importer of coal into the UK and purchased the Maltby deep coal mine in south Yorkshire from UK Coal in 2007.
Problems with contract prices and production difficulties at its five deep mines have led to UK Coal to seek a merger.
Showing posts with label UK Coal. Show all posts
Showing posts with label UK Coal. Show all posts
Wednesday, March 10, 2010
Tuesday, March 9, 2010
UK Coal Investigating Merger
British coal miner, UK Coal, said on Tuesday that it is in the early stages of investigating a merger proposal that could address the group's exposure to the volatile performance of its deep mines.
The statement came following a report in the Daily Mail that said that Peel Holdings, which holds a 28.3% stake in UK Coal, is working on a cash offer for the rest of the company’s shares.
UK Coal, which was formed out of the remains of the country's nationalied coal industry said it is not aware of any proposal for a cash bid.
The statement came following a report in the Daily Mail that said that Peel Holdings, which holds a 28.3% stake in UK Coal, is working on a cash offer for the rest of the company’s shares.
UK Coal, which was formed out of the remains of the country's nationalied coal industry said it is not aware of any proposal for a cash bid.
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