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Hong Kong commodities trader Noble Group became Gloucester’s biggest shareholder at 10.4% last week, in a bid to thwart Xstrata’s $A391 million bid for the company.
“Noble Group believes that there has been a structural shift in coal markets which reflects higher thermal and coking coal prices. Accordingly, Noble's view is that Xstrata's offer undervalues Gloucester Coal," Noble said in a statement last week.
Gloucester shareholders will vote on Xstrata's $4.75 a share offer at a scheme meeting on Thursday.
Shares in Gloucester Coal were trading at $5.05 at mid-morning today.
