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Yancoal Australia’s Limited (ASX:YAL) Chinese parent company Yanzhou Coal Mining says it may privatise its underperforming ASX-listed subsidiary, a year after floating it.
Yanzhou says it’s sent an indicative, non-binding proposal on the privatisation of its subsidiary's independent board committee.
Yanzhou owns 78 per cent of Yancoal Australia, which became the nation's largest listed coal company after an $8 billion merger with Gloucester Coal last year.
The company says the deal will put it in a better position in managing and operating a fully integrated business and delivering higher efficiency across its portfolio of businesses.
When Yancoal listed on the ASX in June last year it became the largest Australian listing since December 2010.
Yancoal Australia generated a net profit of $404.6 million in its 2012 financial year.
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