As from April 2013 my Journey in Investing is to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Click to email CW8888 or Email ID : jacobng1@gmail.com



Welcome to Ministry of Wealth!

This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"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

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

It is here where I share with you how I did it! FREE Education in stock market wisdom.

Think Investing as Tug of War - Read more? Click and scroll down



Important Notice and Attention: If you are looking for such ideas; here is the wrong blog to visit.

Value Investing
Dividend/Income Investing
Technical Analysis and Charting
Stock Tips

Tuesday, 6 March 2012

Noble says to get US$440 mln in Gloucester merger

LONDON - Singapore-listed commodity trader Noble Group will vote all its shares in Australia's Gloucester Coal in favour of a merger with Yancoal Australia and will get A$412 million (US$440 million) under the deal terms.
On completion of the merger, Yancoal is expected to be the largest independent listed Australian coal miner, Noble, which owns nearly two-thirds of Gloucester, said on Tuesday.

China's Yanzhou Coal Mining Company Limited, Yancoal's majority owner, has a clearly stated aim of growing its Australian mining business.

Yanzhou bought Australian miner Felix Resources in 2009 for A$3.3 billion and was required to float at least 30 per cent of the business by 2012.

Noble Group will own approximately 13.2 per cent of Yancoal, and William Randall, Noble director and Head of Hard Commodities, will join the Yancoal board of directors.

Gloucester produced 5 million tonnes of coal in 2011 but plans to expand substantially over the next decade, while Yancoal exported 8.1 million tonnes in 2010.

Commenting on the merger, Noble Group chairman, Richard Elman said: 'Creation of scale and flexibility is increasingly important in commodity production. Yancoal will have a multi-product, multi-mine operation of scale, which is extremely well positioned to deliver value to shareholders.'

Under the final agreement terms, shareholders in Sydney-based Gloucester will own 22 per cent of Yancoal and China's Yanzhou Coal Mining Company Limited will own 78 per cent.

Separate to the merger, eligible Gloucester shareholders will receive A$3.15 cash per Gloucester share.

The Gloucester board has also unanimously recommended shareholders vote for the merger.

Shares in Gloucester leapt in December after Yanzhou announced its intention to merge in a A$700 million deal .

Noble, whose businesses range from cotton and sugar to coal and iron ore, earned US$106 million in the fourth quarter of 2011 for a full-year profit of US$431 million, but like many traders it suffered from volatile markets and poor processing margins. -- REUTERS



No comments:

Post a comment

Related Posts with Thumbnails