It's not just black coal companies themselves that may not want a BCE. Think about explosives, haul trucks, draglines, and the many many service industries that rely on black coal. There's a huge industry out there built around coal. Sure there's some infrastructure required for lignite mining, but basically it's just a bucket wheel reclaimer and conveyors isn't it?
Reminds me of when alternative fuel vehicles were first being talked about years ago, and the BIG OIL interests made sure they were kept on the outer, doing things like buying up patents and parking them.
I'm not right up to speed on company law - others may correct me - but I think if you want to make a take-over bid for a company, you are allowed to buy up to 20% of the stock without declaring your hand. Then, to go over 20%, you need to make a formal offer. The last 10% can be compulsorily acquired, even if the owners have no wish to sell.
So if various other interests (for example K-Coal) are long term holders, with no intention of selling, and they add up to over 10% - then it's a lot harder and more expensive to take a company over.
ESI Price at posting:
1.3¢ Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)