Hunnu takeover wins approvals
A Thai takeover of Mongolia-focused coal explorer Hunnu Coal has been approved by Australia's Foreign Investment Review Board (FIRB) and the Bank of Thailand.
Hunnu's board is backing a $477 million takeover offer from its largest shareholder, Thai coal miner Banpu Public Company.
Banpu in March acquired a stake of about 12 per cent in Perth-based Hunnu, four months after Banpu took over Australian coal miner Centennial Coal for more than $2 billion.
Hunnu holds several projects in Mongolia's Gobi Desert, including Tsant Uul near the huge Oyu Tolgoi copper and gold mine being developed by Rio Tinto and Canada's Ivanhoe Mines.
The FIRB approved the proposal on Friday, while the Bank of Thailand backed the deal on Monday, parties representing Banpu said on Monday.
Hunnu shares were up one cent to $1.70 at 1037 AEDT.
Hunnu's board is backing a $477 million takeover offer from its largest shareholder, Thai coal miner Banpu Public Company.
Banpu in March acquired a stake of about 12 per cent in Perth-based Hunnu, four months after Banpu took over Australian coal miner Centennial Coal for more than $2 billion.
Hunnu holds several projects in Mongolia's Gobi Desert, including Tsant Uul near the huge Oyu Tolgoi copper and gold mine being developed by Rio Tinto and Canada's Ivanhoe Mines.
The FIRB approved the proposal on Friday, while the Bank of Thailand backed the deal on Monday, parties representing Banpu said on Monday.
Hunnu shares were up one cent to $1.70 at 1037 AEDT.
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