{"id":8633,"date":"2012-03-07T02:57:02","date_gmt":"2012-03-07T00:57:02","guid":{"rendered":"http:\/\/www.myza.co.za\/03\/update-1-noble-says-to-get-a412-mln-in-gloucester-merger\/"},"modified":"2012-03-07T02:57:02","modified_gmt":"2012-03-07T00:57:02","slug":"update-1-noble-says-to-get-a412-mln-in-gloucester-merger","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-noble-says-to-get-a412-mln-in-gloucester-merger\/","title":{"rendered":"UPDATE 1-Noble says to get A$412 mln in Gloucester merger"},"content":{"rendered":"

\t\t<\/span><\/p>\n

(Adds background, detail, quote in paragraph 7)<\/span><\/p>\n

<\/span><\/p>\n

LONDON, March 6<\/span> (Reuters) – Singapore-listed commodity
\ntrader Noble Group will vote all its shares in
\nAustralia’s Gloucester Coal in favour of a merger with Yancoal
\nAustralia and will get A$412 million ($440 million) under the
\ndeal terms.<\/p>\n

<\/span><\/p>\n

On completion of the merger, Yancoal is expected to be the
\nlargest independent listed Australian coal miner, Noble, which
\nowns nearly two-thirds of Gloucester, said on Tuesday.<\/p>\n

<\/span><\/p>\n

China’s Yanzhou Coal Mining Company Limited, Yancoal’s
\nmajority owner, has a clearly stated aim of growing its
\nAustralian mining business.<\/p>\n

<\/span><\/p>\n

Yanzhou bought Australian miner Felix Resources in 2009 for
\nA$3.3 billion and was required to float at least 30 percent of
\nthe business by 2012.<\/p>\n

<\/span><\/p>\n

Noble Group will own approximately 13.2 percent of Yancoal,
\nand William Randall, Noble director and Head of Hard
\nCommodities, will join the Yancoal board of directors.<\/p>\n

<\/span><\/p>\n

Gloucester produced 5 million tonnes of coal in 2011 but
\nplans to expand substantially over the next decade, while
\nYancoal exported 8.1 million tonnes in 2010.<\/p>\n

<\/span><\/p>\n

Commenting on the merger, Noble Group Chairman, Richard
\nElman said: “Creation of scale and flexibility is increasingly
\nimportant in commodity production. Yancoal will have a
\nmulti-product, multi-mine operation of scale, which is extremely
\nwell positioned to deliver value to shareholders.”<\/p>\n

<\/span><\/p>\n

Under the final agreement terms, shareholders in
\nSydney-based Gloucester will own 22 percent of Yancoal
\nand China’s Yanzhou Coal Mining Company Limited will own 78
\npercent.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

(Adds background, detail, quote in paragraph 7) LONDON, March 6 (Reuters) – 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 ($440 million) under the deal terms. On completion of the merger, Yancoal is expected to be […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8633","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8633"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8633\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}