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Australian coalmine takeover

Australian coalmine takeover
Yanzhou Coal Mining Co Ltd, said that it has won the approval from the National Development and Reform Commission to take over Australia's Felix Resources.

Yanzhou Coal Mining Co Ltd, said that it has won the approval from the National Development and Reform Commission to take over Australia's Felix Resources.

Yanzhou Coal Mining Co Ltd, the fourth-largest coal producer in China, said Friday that it has won the approval from the National Development and Reform Commission to take over Australia's Felix Resources.
According to a statement filed with the Shanghai Stock Exchange that Yanzhou Coal received the reply from the NDRC on Thursday that allows it to buy 100% equity interest in the Australian listed company for A$3.54 billion.

The deal has been approved by the Australian regulators, China's State-owned Asset Supervision and Administration Commission and Yanzhou's shareholders after the takeover agreement was announced in August.

Upon the completion of the deal, Felix will become a wholly-owned subsidiary of Yanzhou Coal.

Reportedly, the Shandong-based coal miner will obtain approved coal reserves of 1.5 billion tons in Australia after the takeover.

www.TurkishMaritime.com.tr

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