News: CRN Sev.en GI's deal for majority in Coronado Global Resources falls through

PRAGUE, June 25 (Reuters) - A deal agreed in 2023 for Czech billionaire Pavel Tykac's Sev.en Global Investments to take a 51% stake in coal miner Coronado Global Resources from the Energy & Minerals Group (EMG) has fallen through as a regulatory deadline expired, the companies involved said on Tuesday.

Metallurgical coal miner Coronado Global Resources (CRN) has three mining complexes in Australia and the United States and has annual coal production of 16 million metric tons.

"EMG has terminated the agreement in light of certain conditions not being satisfied by the Outside Date (including receipt of Foreign Investment Regulatory Board regulatory approval)," EMG said in a statement, adding the outside date was June 22.

Sev.en said it was not seeking to extend or renegotiate the transaction. It said no party has raised any regulatory concerns in the review process.

"We have carefully reassessed the transaction on the expiry of the outside date and concluded that terminating the deal is in Sev.en Global Investments' best interests," Sev.en Chief Executive Alan Svoboda said in the statement.

Shares in Coronado have lost a third since the deal was announced last year.

The financial terms of the deal were not disclosed.