Macarthur in deal, Gloucester anticipates bid

AUSTRALIAN coal miners Macarthur Coal and Gloucester Coal entered trading halts this morning, with Macarthur expecting a corporate deal and Gloucester anticipating a takeover bid.
Macarthur in deal, Gloucester anticipates bid Macarthur in deal, Gloucester anticipates bid Macarthur in deal, Gloucester anticipates bid Macarthur in deal, Gloucester anticipates bid Macarthur in deal, Gloucester anticipates bid

Courtesy Macarthur Coal.

Angie Tomlinson

Gloucester said this morning it had entered the halt with the prospect of being the subject of a transaction relating to its control.

Noble Group took control of Gloucester this year in a $460 million unsolicited takeover. Noble now controls 87.7% of the New South Wales miner.

Gloucester said an announcement would be made before the close of business today.

Macarthur Coal said this morning it expected to make a “significant announcement in relation to a material corporate transaction”

The Queensland miner recently announced it expected its profits to dive 72% for the six months to December to $30-38 million.

Despite the drop, Macarthur has been optimistic on its project pipeline, forecasting a doubling of production over the next five years.

Macarthur last traded at $9.71 while Gloucester sits at $6.55.

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