centennial buys stake in austral*****
Centennial buys stake in Austral
Angie Bahr Friday, March 04, 2005
NEW South Wales miner Centennial Coal began its takeover bid of Austral Coal this week, securing a stake from Austral's largest shareholder.
Centennial said it entered an agreement to acquire 25.15 million ordinary shares in Austral from Everzoom Associates, a subsidiary of the Noble Group.
The shareholding represents 9.6% of Austral's issued capital, and was consistent with Centennial's takeover offer announced last month.
"Noble was the largest shareholder in Austral. The exchange by Noble of their shares in Austral for a substantial shareholding in Centennial on the same ratio as our takeover offer confirms the attractiveness of Centennial's offer to Austral shareholders," Centennial managing director Bob Cameron said.
In the absence of a superior offer, Austral's board has recommended the Centennial takeover offer be accepted.
