chinese-buyers-score-ma-victories-in-australia

Chinese buyers score M&A victories in Australia

Chinese acquirers move steadily ahead in their pursuit of Australian natural resources companies, creating a healthy pool of fees for investment banks advising on these deals.
May 18, 2009

The Noble Group cleared a significant milestone in its bid for Gloucester Coal yesterday, receiving the blessing of the Gloucester board of directors. Meanwhile, China Minmetals Non-ferrous Metals Company Minmetals secured key Chinese regulatory approval for its takeover of Oz Minerals, and Rio Tinto reaffirmed its commitment to the Chinalco investment.

The directors of Gloucester Coal told the Australian Securities Exchange ASX yesterday that they have advised shareholders that the new takeover proposal tabled by Noble Group on Friday is superior to the Whitehaven Coal merger proposal the board had earlier recommended. On Friday, Noble increased its offer for Gloucester Coal to A$7 $5.35 per share, which represents a 44% premium to Noble's original offer...

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