Austral bidder nearly in control.(Austral Coal Limited)(Brief Article)

Australasian Business Intelligence, April, 2005 by Trounson, Andrew

Apr 06, 2005 (The Australian - ABIX via COMTEX)

Australian mining company, Centennial Coal, is close to controlling takeover target, Austral Coal. Centennial had gained nearly 47 per cent of Austral by 6 April 2005 and expects to get control on 7 April. However, Swiss commodities trader, Glencore, continues to build a stake in Austral. It held 12.9 per cent, and could have increased its holding after 1.5 per cent of the stock changed hands on 6 April. Glencore's intentions are not known. It could want to gain coal marketing rights, or this could be a preliminary move for a takeover bid for Centennial by Xstrata, in which it has a major interest.

Publication Date: 7 April 2005

CENTENNIAL COAL COMPANY LIMITED -

ASX CEY:...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.