Banpu close to acquiring Centennial

THAI energy giant Banpu is within 5% of reaching a 90% stake in Centennial Coal – the level that will trigger compulsory acquisition of one of Australia’s few remaining independent coal producers.
Banpu close to acquiring Centennial Banpu close to acquiring Centennial Banpu close to acquiring Centennial Banpu close to acquiring Centennial Banpu close to acquiring Centennial

Courtesy Centennial Coal.

Blair Price

As of yesterday, Banpu’s share of Centennial was 85.07%.

Banpu’s $6.20 per share cash offer to Centennial shareholders expires today.

In preparation of the takeover, S&P Indices will remove Centennial from its S&P-ASX indices as of Friday.

Riversdale Mining will replace Centennial in the ASX 100, Sandfire Resources will replace Centennial in the ASX 200, and Resolute Mining will replace the company in the All Australian 200.

Banpu aims to export at least 40 million tonnes per annum in the Asia-Pacific region by the end of 2015.

The company holds a total of $US2.6 billion in cash reserves and credit facility finance to fund the Centennial takeover.

Centennial shares closed down 4c to $6.12 yesterday.

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