Business Services Industry
Targeted coalminer to seek new chief.
Australasian Business Intelligence, July, 2007
Byline: Stephen Wisenthal
Jul 05, 2007 (The Australian Financial Review - ABIX via COMTEX) -- Shareholders in Gloucester Coal have rejected Xstrata Coal's $A391m takeover bid. This is despite the board's recommendation that they accept the offer of $A4.75 a share. Hong Kong's Noble Group, which holds 10 per cent of Gloucester's stock, has also made an offer, but a lower one. Xstrata Coal CEO Peter Coates said after the vote on 5 July 2007 that his company's offer was fair and he was disappointed that it had been blocked by Noble, AMCI and other shareholders. Meanwhile, Gloucester will seek a new CEO of its own to replace Gavin May, whose contract expires at the end of July.
Publication Date: 6 July 2007
GLOUCESTER COAL LIMITED - ASX GCL...
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