October 16, 2019 / 11:51 PM / a month ago

Australia's Stanmore Coal says Winfield scraps takeover, shares drop

(Reuters) - Stanmore Coal Ltd on Thursday said that Winfield Energy had decided to scrap its proposed takeover of the company as the Brisbane-based miner failed to engage with key shareholders, causing Stanmore’s shares to drop more than 6%.

Both companies had entered a process deed in August after Winfield’s offer, which valued Stanmore at up to A$435 million ($293.93 million).

Stanmore was set to be Winfield’s second coal buy this year, with the privately backed firm having bought a 12.5% stake in Queensland’s Rolleston thermal coal mine in February.

Reporting by Ambar Warrick in Bengaluru, Editing by Sherry Jacob-Phillips

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