SYDNEY - Hong Kong-based commodities firm Noble Group is nearing a deal to sell stakes in some Australian coal assets to its majority-owned Australian coal miner Gloucester Coal , sources said on Monday.
'There have been some pretty tough negotiations (between Noble and Gloucester),' a source familiar with the transaction said, confirming a deal was close but declining to give details.
A second source said one of the expected transactions involved Donaldson Coal Pty Ltd.
Gloucester shares were placed in a trading halt earlier on Monday ahead of an announcement about two acquisitions and a capital raising.
Noble Group has been widely expected to sell its 100 per cent-owned Donaldson Coal Pty Ltd, which has coal mines in the Hunter Valley in New South Wales state, to Gloucester.
A Noble spokesman declined to comment. -- REUTERS
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FIRE Webinar with Tiger Trade
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I will conduct a webinar on FIRE with the folks of Tiger Trade on 24 July
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