sk networks to take equity stake in australia', page-2

Heres the article. I could not open using the link provided.

SK Networks to Take Equity Stake in Australia's Cockatoo

SK Networks will take the management control of Cockatoo Coal Ltd., an Australian coal mining company, by the year's end. It took seven years for the Korean company to do so since it bought a minority share in Cockatoo in 2006. According to investment banking sources on October 20, Singapore's resource development company Noble Group signed on the 17th an agreement to take over the management control of Cockatoo jointly with SK Networks.


SK Networks will put up US$48.3 million in a capital increase of $147.7 million by Cockatoo. Once the transaction is completed, SK Networks will have a stake of 25.0 percent from 5.45 percent. Meanwhile, Noble Group will invest $41.5 million in the company. Even though the Noble's investment sum is smaller than SK Networks, it will get the same level of stake on condition that it hand over some shares of its subsidiary to Cockatoo. With a 50-percent stake, the two companies, SK Networks and Noble Group, will be able to take the management control in the Australian coal mining company.

Cockatoo owns a total of 13 coal mines in states such as Queensland and New South Wales. Its total reserves are estimated at 170 million tons, more than ten times Korea consumes in a year.