According to "South Korea's economy," August 23 report: It is said that one of the world's top 500 companies trading subsidiary of South Korea's SK Group, SK Networks and Australian coal producers Keke Ka Coal Co., Ltd. (Cockatoo Coal) the stock transfer negotiations has entered the final stage. This is the second acquisition of 2010, Korea National Oil Corp., after the British Dana Petroleum, the second South Korean large companies acquire overseas resource development enterprises.
From Brazil last month in its three mines for $ 2.4 billion of oil sold to the Danish Maersk (Maersk), after the company, SK Networks has been looking for suitable overseas enterprises to invest in resource development.
SK Networks is South Korea's SK Group, one of three core companies, the main information and communication, energy, trade and customer service in four areas. Market share of its energy sales in South Korea ranks first in South Korea's second largest iron and steel import and export business. It is reported that, in order to ensure the successful completion of the acquisition, SK Networks to spend hundreds of millions of dollars to buy the Australian Keke Ka coal company about 50% of the shares.
Australia Keke Ka coal company in the Australian stock market listing in 2005, has five coal mines in Queensland and other ownership, the amount of coal recoverable buried up to 847 million tons, equivalent to 8 years of coal consumption in South Korea (Korea annual consumption of coal is about 1 million tons). Most of its coal exports to Asia.
SK Group decided to invest this year, up to about $ 1.57 billion earmarked for overseas resource development, to further clarify its global resource-based business location, complete business system conversion. The industry believes, SK Group re-established through the acquisition of its resource type can not shake the position of big business.
COK Price at posting:
43.0¢ Sentiment: Hold Disclosure: Held
