Post by
Grebmoolb on Oct 10, 2009 1:24pm
Yanzhou wobble as counter bidders wait
Yanzhou coal, after changing their subsidiary bidder from Yanzhou Australia to Austar Coal mine, have now told the FIRB in Canberra, Australia, that they will now consider floating the Felix Resources assets with their Austar coal mine as an IPO within three years.$0$0$0$0$0$0Possible counter bidders have been named as BHP Billiton, Xstrata, Anglo Coal, Peabody Energy, Noble Group, Shenhua Energy and Vale. All are thought to be waiting to see if Australia's FIRB will approve the bid or not.$0$0$0$0$0$0$0$0The Felix Resources board of directors have supported the bid and control 30.3% of the shares. The bid is A$16.95 a share to be paid by Yanzhou. Smaller shareholders are now opposed to the bid and are seeking the support of AMCI (19.2%) and some former White Mining execs who control about 18%.$0$0$0$0$0$0$0$0$0$0$0$0$0$0
Comment by
Grebmoolb on Oct 30, 2009 7:04pm
Yanzhou have now obtained approval from Australia to takeover Felix Resources FLRFF. YZCs bid is $16.95 and $17.45 including an extra 50c dividend due by March 2010. FLRFF shares traded in a narrow band between $17.35 and $17.43 all week with 6.6 million shares traded. $0The FLRFF Special Meeting to vote in The Scheme is on 8th December and requires a 75% vote in favor.$0