JP Morgan, Thai miner Banpu buy stake in Australia's Centennial...

JP Morgan, Thai miner Banpu buy stake in Australia's Centennial Coal

domain-B.com, 06 May 2010

Thailand's biggest coal miner, Banpu PCL BANP said yesterday that it had bought a 14.9-per cent stake in Australian miner Centennial Coal, while J P Morgan has taken another 10 per cent.

While confirming the deal today, Centennial said that Banpu had acquired a long term strategic but did not disclose the financial terms of the transaction.

Shares of Centennial jumped more than 20 per cent to $4.82 in early trade today after JP Morgan also took a 10-per cent stake at a reported 25-per cent premium to yesterday's closing price of $3.99.

It is not clear if JP Morgan has acquired the stake as a proxy for another buyer so it could launch a takeover of the company.

JP Morgan also took a 5.04 per cent stake yesterday in Perth miner Cape Lambert Resources.