Thailand's Banpu to bid for Australia's Hunnu Coal
MELBOURNE Sep 12 (Reuters) - Thailand's top coal miner, Banpu Pcl , is set to make a takeover offer worth about A$375 million ($393 million) for Mongolia-focused coal explorer Hunnu Coal , Australian media reported on Monday.
Hunnu sought a trading halt on its shares last Friday ahead of making what it called "a potentially significant corporate transaction" on or before Tuesday.
Banpu already owns 12.4 percent of Hunnu, eyeing the Australia-based company for its mining licence on the Tsant Uul coal project in Mongolia and stakes in two other Mongolian projects, Altai Nuurs and Unst Khudag.
The friendly move on Hunnu follows Banpu's A$2.5 billion takeover of Australian coal miner Centennial Coal last year, similarly executed after buying a minority stake.
Hunnu shares last traded at A$1.385, up from a A$0.20 issue price just 19 months ago.
($1 = 0.955 Australian Dollars) (Reporting by Sonali Paul; Editing by Ed Davies)
Hunnu sought a trading halt on its shares last Friday ahead of making what it called "a potentially significant corporate transaction" on or before Tuesday.
Banpu already owns 12.4 percent of Hunnu, eyeing the Australia-based company for its mining licence on the Tsant Uul coal project in Mongolia and stakes in two other Mongolian projects, Altai Nuurs and Unst Khudag.
The friendly move on Hunnu follows Banpu's A$2.5 billion takeover of Australian coal miner Centennial Coal last year, similarly executed after buying a minority stake.
Hunnu shares last traded at A$1.385, up from a A$0.20 issue price just 19 months ago.
($1 = 0.955 Australian Dollars) (Reporting by Sonali Paul; Editing by Ed Davies)
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