Glencore asked the Takeovers Panel earlier this month to halt Centennial's takeover of Austral Coal, claiming the New South Wales miner was misleading when disclosing the value of its shares.

The appeal followed Centennial's announcement in its quarterly results it planned to close its Munmorah operation. The mine closure will adversely affect Centennial's profits to the tune of $A22 million.

Glencore claimed Centennial had made inadequate, or misleading, disclosure concerning the value of Centennial shares being offered under its bid for Austral and how that value might be affected by the Munmorah mine's closure.

However, the panel said the decision by Centennial to close Munmorah was not material to whether Austral shareholders accepted Centennial's 10 for 37 scrip offer.

Glencore holds a 14% stake in Austral, preventing Centennial reaching the 90% share required to compulsorily acquire 100% ownership.