Blumont scraps $146m bid for Cokal as shares dive

Singapore

BLUMONT Group has called off plans to buy Australia-listed Cokal Ltd for $146 million, for now, after its shares came crashing down to earth yesterday morning.

Less than 12 hours after announcing an agreement to take over the initially unnamed coal mining company, Blumont said yesterday evening that the deal is off because its share trading prices in the morning had "materially and adversely affected the commercial terms discussed with Cokal".