View in Other Languages 兖州煤业(HKG:1171)欲合并澳洲煤炭公司Gloucester Coal(ASX:GCL) Yanzhou Coal Mining (HKG:1171) Signed Merger Proposal with Gloucester Coal (ASX:GCL) 兗州煤業(HKG:1171)欲合併澳洲煤炭公司Gloucester Coal(ASX:GCL) 
Yanzhou Coal Mining (HKG:1171) Signed Merger Proposal with Gloucester Coal (ASX:GCL)
Yanzhou Coal Mining (HKG:1171) Signed Merger Proposal with Gloucester Coal (ASX:GCL)

Sydney, Dec 23, 2011 AEST (ABN Newswire) - Yanzhou Coal Mining (googlechartHKG:1171) (googlechartSHA:600188) (googlechartNYSE:YZC), one of China's biggest coal producer, has signed a proposal with Australia-based Gloucester Coal Ltd., with an aim to merge Gloucester Coal with Yanzhou Coal's wholly-owned Australian subsidiary Yancoal Australia.

The merged company will be owned 77% by Yanzhou Coal and 23% by Gloucester Shareholders who participate in the merger.

The combination of assets of Gloucester and Yancoal Australia is expected to create one of Australia's largest listed operating coal companies, with world-class coal production and export operations.

Singapore's Noble Group (googlechartPINK:NOBGF), Gloucester's majority shareholder with a 64.5% stake, intends to vote its shareholding in favour of the merger proposal.

The proposal is subject to the completion of due diligence by both parties, a process which is currently underway, and expected to be completed by late February 2012.

Contact

Qiubei Fu
Asia Business News
Tel: +61-2-9247-4344
http://www.abnnewswire.net


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