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

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes