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Friday, 23 December 2011

Noble to gain US$200m fr Yanzhou-Gloucester deal

SINGAPORE - Singapore-listed commodities firm Noble Group said on Friday it will make a one-time gain of about US$200 million from a proposed merger between its subsidiary Gloucester Coal and the Australian unit of China's Yanzhou Coal Mining Co.

The deal, announced in Australia late on Thursday, will create one of Australia's largest listed coal companies. Noble and its units together own about 64.5 per cent of Gloucester.

Noble said in a filing to the Singapore stock exchange that it will receive about 130.9 million Yancoal Australia shares and A$420 million (US$416 million) under the terms of the proposed merger.

'Based on information the group has to date, the group estimates its gain on the disposal to be approximately US$200 million,' the Singapore-listed firm added.

Noble said it plans to reinvest the cash proceeds from the proposed merger in its global businesses. -- REUTERS

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