Banpu bids for Hunnu
- Publishing Date
- 12 Sep 2011 1:21pm GMT
- Author
- Mining Journal
Thai coal miner Banpu pcl has made a takeover offer for Hunnu Coal Ltd valuing the company at A$477 million (US$492.7 million).
Banpu, which already owns 12% of the ASX-listed company, said it offered A$1.80/share for the remaining stake.
The bid is a 30% premium to Hunnu’s closing price on September 8 and has been accepted by the company’s board of directors in the absence of a superior offer.
A successful takeover would give Banpu access to Hunnu’s pre-development projects in Mongolia.
Banpu said the offer “is at a significant premium to recent trading levels of Hunnu and has regard to the strong prospects of Hunnu’s coking and thermal coal deposits”.
“Banpu is strongly supportive of the Hunnu management team and its current strategy, and is excited to potentially increase its exposure to the Mongolian coal sector.”
The Thai company added it would also make an offer to Hunnu’s option holders once regulatory approvals have been granted.
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