Gloucester shares in trading halt as Yanzhou seen bidding
Yanzhou Coal Mining., the Chinese coal producer that approved its first debt sale this month, plans to acquire Australia’s Gloucester Coal for at least $2 billion
Coal producers are seeking to expand as demand from power utilities and steelmakers rises, while asset prices drop. Global consumption of the raw material is projected to climb by an annual 2.8 per cent in the six years to 2016, driven by China’s economic growth, the International Energy Agency said last week
Coal deals involving companies in Australia, the biggest world’s exporter of the fuel, swelled to a record $11.9 billion this year from $9.44 billion in 2010, according to Bloomberg data.
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