Yanzhou Offers To Buy Remaining Shares In Yancoal
Yanzhou Coal Mining Company Ltd of China offered to purchase the 22% worth of shares of Yancoal Australia Ltd that it does not already own. The deal was valued at A$905 million or US$825.95 million.
Yanzhou plans to take the company private if the A$0.91 per share is successful.
Yanzhou Coal Mining Company is majority owned by the Yankung Group which is a coal mining company based in Mainland China. They are currently engaged in underground mining coal preparation and selling. They are also involved in the railway transportation service of coal. The products of Yanzhou are mainly low sulphur coal. This is suitable for the use of large scale power plans and for use in pulverized coal injection,
Yancoal Australia Ltd, is an Australia based coal company with a diversified product line from metallurgical and thermal coal mines in Queensland and New South Wales. Yancoal is the 9th largest pure-play company recognized globally.