Gloucester Coal is preparing to sell A$500m in new shares to acquire assets from its largest shareholder Noble Group, according to the Australian Financial Review. Gloucester may buy stakes in the Middlemount and Monto projects. Meantime, Noble has increased its stake Gloucester to 92.5% and the 2 parties are in discussions on alternative plans for Gloucester, which has prompted Noble to extend its takeover offer for the remaining shares of Gloucester till 4 Aug.
We believe Noble’s intention is to consolidate all its coal assets under Gloucester.
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