WESCOAL Holdings is to bid shares and cash worth R525.6m for...

WESCOAL Holdings is to bid shares and cash worth R525.6m for Keaton Energy in its effort to establish itself as an eight million tonne a year domestic and export coal miner.
The company today unveiled terms of a takeover offer in which it will offer Keaton shareholders R1.80 per share, equal to a 33% premium to Keaton’s volume weighted average price over the last 30 days.
The offer has the support of 77% of Keaton Energy’s shareholders including the Pouroulis family, who own 26.4% of the company and trading group Gunvor through its investment vehicle Plusbay (26.8%).