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Yanzhou Coal Mining Co Ltd Plans to Fully Acquire Yancoal Australia Ltd


Monday, 8 Jul 2013 08:00pm EDT 

Yanzhou Coal Mining Co Ltd announced that it has issued a written proposal to the Independent Board Committee of Yancoal Australia Ltd, which is a 78%-owned subsidiary of the Company and currently listed on Australian Securities Exchange (ASE), regarding a possible privatization of Yancoal. Under the proposal, the Company will issue depositary receipts based on H shares for listing on ASE, and swap for shares of Yancoal Australia, to acquire the remaining 22% of Yancoal Australia. Each share of Yancoal Australia will be exchanged for 0.91 unit of the Company's depositary receipts. Details of the swap were not determined yet. 

Company Quote

8.74
-0.18 -2.02%
20 Aug 2014