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Centennial Coal Welcomes Banpu Take Over Move

By Joel ScanlonJul 5 2010

Centennial Coal seems to be amongst the first beneficiaries of the new revised mining tax of the Australian government. It is attributing the generous $2.5 billion takeover bid that it has received from Banpu as a direct result of the resolution of the mining tax issue.

Thailand based Banpu has offered Centennial Coal $6.20 a share for the business. This is a 40% premium to its pre-bid share price for the New South Wales coal producer. The market price for the company shares surged this morning as soon as the board announced that it supported the deal.

The offer was given by Banpu on Friday and negotiated after the federal government announced the lower tax rates over the weekend. JPMorgan is advising Banpu on the matter while Centennial Coal is being advised by UBS.

The Thai company Banpu already had a 19.9 per cent stake in Centennial. It has received approval from the foreign investment review board to gain a 20 per cent stake in Centennial Coal.

Written by

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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