Noble just short of complete takeover

COMMODITIES trader Noble Group is just shy of the 90% stake required to trigger a complete takeover of Gloucester Coal.
Noble just short of complete takeover Noble just short of complete takeover Noble just short of complete takeover Noble just short of complete takeover Noble just short of complete takeover

Gloucester Coal's Duralie mine.

Blair Price

With its $7 per share cash takeover period expiring, Noble now owns an 87.8% stake in Gloucester, meaning the coal producer will remain listed on the Australian Securities Exchange.

As Gloucester chief executive officer and managing director Rob Lord resigns today, five new members have been appointed to the company board.

Former Gloucester chief financial officer Barry Tudor will become the company’s new MD and CEO.

Mirvac Group board chairman James McKenzie has been appointed as Gloucester’s independent non-executive chairman while former Donaldson Coal director David Brownell has been appointed as Gloucester’s independent non-executive director.

Noble CEO Ricardo Leiman and Noble’s coking coal division head William Randall have also been appointed to the Gloucester board.

Gloucester independent director Ian Levy will remain in his position.

Prior to its $7 offer for Gloucester shares, Noble had a 21.7% stake in the company.

The Hong Kong-based company launched its third and last off-market cash takeover bid to thwart a possible merger between Gloucester and Whitehaven Coal.

Noble also has a 68.5% stake in unlisted Donaldson Coal, which operates its namesake open cut mine in the Hunter Valley, New South Wales, along with two bord and pillar underground coal mines, all within 26km of the Port of Newcastle.

Gloucester shares have plummeted 95c yesterday morning to $5.90 with the end of Noble’s $7 per share offer.

The producer’s shares closed at $3.38 on February 19, the day before the initial Whitehaven merger announcement.

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