• Most Popular
  • Most Shared

Whitehaven says to drop merger deal with Gloucester

Sun May 17, 2009 6:44pm EDT

Stocks

   

SYDNEY, May 18 (Reuters) - Australian coal miner Whitehaven Coal Ltd (WHC.AX) said on Monday it has dropped a planned merger with fellow miner Gloucester Coal Ltd (GCL.AX) after Gloucester recommended an improved rival bid by commodity trader Noble Group (NOBG.SI)

Noble raised its offer for Gloucester Coal on Friday to A$7 a share, or A$572 million ($429 million) (see [ID:nSYD477482]).

Gloucester's board has declared the new Noble bid superior and recommended its shareholders accept it. (Reporting by Fayen Wong)



More from Reuters

Photo

New home sales hit seven-month low

WASHINGTON (Reuters) - Consumer spending rose for a second straight month in November as incomes recorded their biggest gain in six months, but a surprise drop in new home sales was a reminder that the economic recovery would be bumpy.

» More Top News
A glass of water taken from a residential well after the start of natural gas drilling in Dimock, Pennsylvania, March 7, 2009. Dimock is one of hundreds of sites in Pennsylvania where energy companies are now racing to tap the massive Marcellus Shale natural gas formation. REUTERS/Tim Shaffer

Not in my watershed: NYC

The biggest U.S. city wants the state to ban one of the most promising sources of U.S. energy -- and also one of the most contentious.  Full Article 

Green Business
Cannabis sativa plant is seen in Buenos Aires, August 21, 2009. REUTERS/Enrique Marcarian
Bernd Debusmann:

Obama, drugs, common sense

American attitudes towards drug prohibition – and above all, punitive laws on marijuana – are changing too fast for policymakers and legislators to ignore.  Commentary 

U.S.