Yanzhou may buy Felix Resources for $3 billion
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Yanzhou Coal Mining, one of China's largest companies is said the be in talks to buy coal producer Felix Resources for more than $3 billion, The Australian Financial Review reports.
Executives thought to be from Hong Kong and Shanghai visited Felix's Ashton open-cut coal operating in the Hunter Valley yesterday.
Analysts believe shares in Felix are worth over $15 a share and based on fundamental values, although the coal miner's share price has more than halved over the past six months.
Yanzhou already owns three coal operations in Australia and is seen as a more likely buyer than rival China Shenhua Energy, the paper said.
The large fall in commodity prices has moved the resources industry to look at industry consolidation and overseas markets.
Felix has a market value of around $2.2 billion and talks with many parties about a possible take over has been ongoing.
Shares in Felix closed up 5.84 per cent, or 30 cents to $5.33 yesterday.
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