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Monday, 16 May 2011

Australia's Gloucester to acquire Donaldson from Noble in $618 mln deal

May 16 (Reuters) - Australian coal miner Gloucester Coal said it has agreed to acquire unlisted Donaldson Coal Pty Ltd from Hong Kong-based commodities firm Noble Group for A$585 million ($618.5 million) including debt.

Gloucester said in a statement on Monday it planned to raise A$230 million at A$9.00 per share to partly fund the deal.

Noble Group has been expected to sell its 100 percent-owned Donaldson Coal Pty Ltd, which has coal mines in the Hunter Valley in New South Wales state, to Gloucester, according to sources and local media reports.

Noble owns a 65.3 percent stake in Gloucester.

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