You are here

Australia's Stanmore Coal says Winfield scraps takeover, shares drop

rk_aussie_171019.jpg
Stanmore Coal on Thursday said that Winfield Energy had decided to scrap its proposed takeover of the company as the Brisbane-based miner failed to engage with key shareholders, causing Stanmore's shares to drop more than 6 per cent.

[BENGALURU] Stanmore Coal on Thursday said that Winfield Energy had decided to scrap its proposed takeover of the company as the Brisbane-based miner failed to engage with key shareholders, causing Stanmore's shares to drop more than 6 per cent.

Both companies had entered a process deed in August after Winfield's offer, which valued Stanmore at up to A$435 million (S$404 million).

Stanmore was set to be Winfield's second coal buy this year, with the privately backed firm having bought a 12.5 per cent stake in Queensland's Rolleston thermal coal mine in February.

REUTERS