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"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

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Thursday, 8 March 2012

Australia approves Gloucester-Yancoal mining merger

SYDNEY : Canberra on Thursday approved a multibillion dollar tie-up between Gloucester Coal and China's Yancoal, clearing the way for a deal that will create Australia's largest listed coal firm.

Treasurer Wayne Swan said the country's foreign investments watchdog had green-lighted the deal under strict conditions that the new company remain headquartered in Australia and list on the stock exchange by the end of 2012.

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