Coporates: Macarthur, Molopo

  The Macarthur Coal-Noble group coal shuffle is edging closer to fruition.The deal, when completed, will see Noble, a Singapore-based commodities trader, emerge with as stronger position in the Australian coal industry with stakes in NSW and Queensland.Macarthur said yesterday that it had been & #160;advised by Noble Group (the largest shareholder of Gloucester Coal with an 87.7% stake) & #160;that the Foreign Investment Review Board has no objections to Noble Group being issued shares in Macarthur in consideration for Macarthur acquiring:Noble Group's shares in Gloucester under Macarthur's off-market takeover bid for Gloucester that was announced on 22 December 2009 ( & quot;Gloucester Offer & quot;); & #160;25.34% of the shares in, and certain other interests relating to, Middlemount Coal Pty Ltd ( & quot;Middlemount & quot;) from Noble Group, to take Macarthur's ownership to 100% of Middlemount ( & quot;Middlemount Transaction & quot;).Macarthur said the & #160;Gloucester Offer and Middlemount Transaction remain subject to conditions (including the approval of Macarthur shareholders) which are set out in Macarthur's bidder's statement dated & #160;February 26, 2010. & quot;Noble Group has not indicated to Macarthur whether it intends to accept the Gloucester Offer. However, Macarthur understands that: & #160;Noble Group requires the approval of its shareholders in order to be in a position to accept the Gloucester Offer; and & #160;that a meeting of Noble Group shareholders to consider and, if thought fit, approve Noble Group accepting the Gloucester Offer is expected to be held in late April 2010. & quot; Macarthur told the ASX yesterday.Singapore-based Noble will end up with a 24.6% stake of Macarthur should this deal go ahead.The deal was worth & #36;668.81 million (US & #36;612.36 million) when launched in December.Macarthur has offered A & #36;8.00 cash for each Gloucester share, or 0.84 Macarthur shares for each Gloucester share.Shares in Macarthur were up 4c at & #36;11.90 yesterday and & #160;Gloucester shares rose 5c to & #36;9.83 in a market that was easing for most of the day. & #160;  

Sydney

  [ Change ]
 
Today

Possible shower.
Tomorrow

Min: 12°
Max: 19°
Shower or two.
 

Account

Login

To access your account and listings



Remember me
   
   
   
 
 
Find Hunter Valley accommodation online