Posted in | Coal | Mining Business

Centennial Coal Welcomes Banpu Take Over Move

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.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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