Felix takeover nearly complete

THE acquisition of Felix Resources by Yanzhou Coal Mining has received China Securities Regulatory Commission approval, with the deal on track to be completed before year-end.

Blair Price

Felix will apply to the Federal Court of Australia today for its approval, the last required.

Yanzhou launched its $3 billion-plus takeover offer in August at $16.95 a share, but Felix’s two fully franked 50c dividends and a planned post-takeover 5c spin-off listing of its South Australian Coal Corporation subsidiary brought the package to $18 a share.

Felix shares are up 5c to $16.87 this morning.