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Speculation Continues on Whitehaven Coal Takeover

Whilst the coal sector in Australia is consolidating gains and attracting new investments, Whitehaven Coal (ASX:WHC) is said to have refused an informal approach for a takeover bid but has confirmed it is in discussions with other companies over potential corporate transactions.

The shares in the New South Wales mining company closed at $6.060 on Thursday, down from a high of $6.280 on Wednesday.

The statement made by the company to the Australian Securities Exchange said that it was uncertain if negotiations with third parties would lead to proposals which could be put to the board and shareholders.

Whitehaven did not disclose who it was in discussion with although the US giant Peabody Energy and the mining major Xstrata are being spoken about in market circles. US miner Peabody is seen as a potential bidder after it lost out in the bidding war for Macarthur Coal, while Xstrata is already the world’s largest thermal coal exporter and is looking for fresh coal acquisitions.

The company spokesperson and the Managing Director were unavailable for comment.

Whitehaven Coal Properties.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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